Major Tax Policy Overhaul Incoming! Reps Committee Unveils Groundbreaking Proposals

The House of Representatives Committee on Finance has proposed major revisions to the tax reform bills submitted by President Bola Ahmed Tinubu to the National Assembly.....KINDLY READ THE FULL STORY HERE▶

The committee introduced significant amendments, removing some clauses, retaining others, and incorporating new provisions into the bills. The chairman of the House Committee on Finance, Rep. James Abiodun Faleke, presented the consolidated tax reform bills to the House during its plenary session on Tuesday.

In October 2024, President Tinubu submitted four tax reform bills for legislative review and approval. The committee’s recommendations follow a three-day public hearing where stakeholders submitted memoranda and provided feedback on the proposed reforms.

The reports submitted to the House include:

• A Bill for an Act (HB.1756): Outlining the assessment, collection, and accounting of revenue for the federal, state, and local governments while defining the powers of tax authorities.
• A Bill for an Act (HB.1757): Repealing the Federal Inland Revenue Service (FIRS) Act, 2007, and establishing the Nigeria Revenue Service to oversee revenue assessment, collection, and accountability at the federal level.
• A Bill for an Act (HB.1758): Establishing the Joint Revenue Board, Tax Appeal Tribunal, and the Office of the Tax Ombud to harmonize, coordinate, and resolve disputes in revenue administration.
• A Bill for an Act (HB.1759): Consolidating various taxation laws into a single Nigeria Tax Act to regulate income, transaction, and instrument taxation.

Unless there are unforeseen changes, the House is set to commence a detailed clause-by-clause review of the bills on Thursday.

VAT Increase, Inheritance Tax

According to Daily Trust, the committee has recommended several key amendments, urging the House to conduct a thorough examination of the bills before their final approval.