The House of Representatives on Tuesday passed for third reading, the four tax reform bills set to the National Assembly in October 2024 by President Bola Tinubu, Lapalabras.com reports.
The House had at plenary last Thursday, considered and approved the report of the House Committee on Finance which made some recommendations, particularly in controversial areas such as the Value Added Tax and inheritance tax.
The bills had generated series of controversy with Northern Leaders, the Nigeria Governors Forum and other interest groups opposing some sections of the bills.
While awaiting the Senate to similarly pass the bills, the proposed reforms are expected to be transmitted to the President for his assent in the coming days ahead.
The bills include: the Nigeria Tax Administration Bill HB.1756; the Nigeria Revenue Service (Establishment Bill) HB.1757; the Joint Revenue Board Bill, HB.1758 and the Nigeria Tax Bill HB.1759.
The bills generated a lot of controversies, resentments and skepticism among groups, individuals as well as various regions of the country.
This prompted wider consultations and discussions among the various interests at various levels which later culminated in the public hearing to accommodate the various shades of opinions presented.
The contents of the bills were later fine tuned through the legislative process leading to amendments, deletions as well as introduction of new sections and subsections presented by the House Committee on Finance, adopted and passed through third reading.
More details later…
