House of Reps approve Tinubu’s tax reform bills

The House of Representatives on Thursday, March 13, moved closer to the eventually passage of the four tax retorm bills presented by President Bola Ahmed Tinubu to the parliament on the 8th of October, 2024 with the consideration and approval of the report of the House Committee on Finance.The four bills will now be read for the third time before eventual passage.The bills included the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill. The four bills were read for the first time on the 8th of October 2024, but debate on the bills had been held back in the House due to disagreement by members on the content of the Nigeria Tax Administration Bill following objection by northern leaders and the Nigerian Governors Forum. Presenting the report for consideration by members, Chairman of the House Committee on Finance, James Abiodun Faleke said all contentious areas of the bills have been resolved. The bills include a Bill for an Act to provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters, and a Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish Nigeria Revenue Service, charged with Powers of Assessment,Collection of, and Accounting for Revenue Accruable to the Government of the Federation and for Related Matters. The others are a Bill for an Act to Establish Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the Harmonisation, Coordination and Settlement of Disputes arising from Revenue Administration in Nigeria and for Related Matters, and a Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide For Taxation of Income, Transactions and Instruments. The post House of Reps approve Tinubus tax reform bills appeared first on Linda Ikeji Blog.