The House of Representatives has passed four significant tax reform bills aimed at restructuring Nigeria’s revenue collection and tax administration system.
The bills include:
1. 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 (HB.1756).
2. 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 (HB.1757).
3. A Bill for an Act to Establish Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, for the Harmonization, Coordination, and Settlement of Disputes Arising from Revenue Administration in Nigeria and for Related Matters (HB.1758).
4. 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, and for Related Matters (HB.1759).
The bills were presented to the House by the House Leader, Prof. Julius Ihonvbere.
Following the presentation, Speaker of the House, Mr. Tajudeen Abbas, put the bills to a vote, and they were adopted as the “yeas” carried the decision.
The passage of these bills marks a significant step in Nigeria’s tax reform efforts and puts to rest speculations about whether they would be approved.
