House Of Representatives Consent To All The Four Tax Reform Bills

In a groundbreaking development, the House of Representatives has ratified four innovative tax reform bills, laying the groundwork for a comprehensive overhaul of Nigeria’s taxation system. The legislation, which comprises the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill, was approved during a session held in Abuja on Thursday.

The adoption of these bills marks a significant achievement in the legislative journey, as the House now awaits the Senate’s agreement. The proposed bills underwent thorough examination, including three days of public hearings and contributions from over 80 relevant stakeholders, paired with an eight-day retreat to analyze each provision exhaustively.

James Abiodun Faleke, the Chairman of the House of Representatives Committee on Finance, expressed his contentment with the outcome, affirming that the tax reform bills would yield broadly accepted legislation. “I am pleased that the members of the House recognized our diligent efforts and approved all of our recommendations,” said Faleke, extending his appreciation to lawmakers and House leadership for designating his committee to handle the tax bills’ processing.

Faleke commended President Bola Tinubu for prioritizing tax law reforms, noting that some existing tax regulations date back to 1959. “We cannot continue to depend on outdated tax laws that fail to meet our business, survival, and revenue needs,” he asserted.

Deputy Committee Chairman Saidu Abdullahi (APC-Niger) highlighted the extraordinary level of discussion and stakeholder participation throughout the legislative process. “No legislation in the 10th Assembly has spurred as much discourse as these tax reform bills,” he remarked, praising Speaker Tajudeen Abbas for facilitating consensus among stakeholders and fostering inclusive contributions.

Some lawmakers, including Ikeagwuonu Ugochinyere (PDP-Imo) and Benson Babajimi (APC-Lagos), hailed the bill’s passage as transparent and historic. “Even though we are in opposition, we celebrate this significant moment,” Ugochinyere stated. “This will broaden the tax base, improve government revenues, and support small businesses.”

With this critical advancement by the House of Representatives, attention now shifts to the Senate, which is anticipated to agree to the passage of the tax reform legislation. This pivotal law could revolutionize Nigeria’s tax framework, enhancing the efficiency of tax collection, and boosting government revenue, while safeguarding small enterprises and promoting economic growth.

Stay updated on further developments regarding this unfolding story as the Senate evaluates the tax reform bills. Will the Senate approve the House of Representatives decision, allowing for the President’s endorsement and the realization of these significant reforms? Only time will reveal the outcome.