The House of Representatives has set a date for a public hearing on the controversial tax reform bills, scheduled for Wednesday, February 26, 2025.
In October 2024, President Bola Tinubu submitted four tax bills to both the Senate and the House of Representatives, but progress was hindered due to strong resistance, particularly from the northern caucus of the National Assembly.
However, after extensive consultations, primarily driven by the Northern Governors’ Forum, the House of Representatives advanced the bills to their second reading last week, agreeing that all disputed provisions would be reviewed during the public hearing.
Among the most debated proposals are the phased increase in Value Added Tax (VAT) and the executive powers granted to the president.
During plenary on Tuesday, Speaker Abbas Tajudeen announced the public hearing date and also set up a special committee, comprising mainly the 36 members of the House Committee on Finance.
Furthermore, the federal government is pushing for the National Assembly to approve these bills by the end of March 2025. Taiwo Oyedele, who leads the Presidential Committee on Tax Policy and Fiscal Reforms, emphasized that this timeline would allow the government to adequately inform taxpayers and help them prepare for implementation.
The proposed laws include:
1. A bill to regulate the assessment, collection, and management of federal, state, and local government revenues, defining the powers and duties of tax authorities (HB.1756).
2. A bill to repeal the Federal Inland Revenue Service (Establishment) Act, 2007 and introduce the Nigeria Revenue Service (Establishment) Bill, which would oversee the evaluation, collection, and accounting of federal revenue (HB.1757).
3. A bill to create the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud, aimed at coordinating revenue administration and resolving tax disputes in Nigeria (HB.1758).
4. A bill to repeal and consolidate various tax laws, establishing the Nigeria Tax Act, which would regulate the taxation of income, transactions, and financial instruments (HB.1759).
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