The House of Representatives has entered into a closed-door session to discuss the Tax Reform Bills proposed by President Bola Tinubu.
The ongoing meeting aims to build consensus among lawmakers ahead of the upcoming debate on the bills.
A member of the All Progressives Congress noted that the session was intended to ease tensions and garner support for the proposed reforms, according to Politics Nigeria.
“Not everyone is convinced yet about the bills, but there is a feeling that the intent of the Federal Government is the well-being of the economy. This meeting is to drum support for the bills,” he stated.
The Tax Reform Bills, submitted to the National Assembly on September 3, 2024, are designed to overhaul Nigeria’s tax system. They are based on recommendations from the tax reforms committee chaired by Taiwo Oyedele.
The four bills under consideration include the Nigeria Tax Bill 2024, which will establish the fiscal framework for taxation in the country. The Tax Administration Bill is aimed at providing a clear legal framework for taxes, while also seeking to reduce disputes.
Additionally, the Nigeria Revenue Service Establishment Bill proposes the establishment of the Nigeria Revenue Service, repealing the current Federal Inland Revenue Service Act.
Lastly, the Joint Revenue Board Establishment Bill will create a tax tribunal and a tax ombudsman to address tax-related issues.
