House Of Representatives Passes Tax Reform Bills

The House of Representatives on Tuesday approved four crucial tax reform bills that were transmitted to the National Assembly by President Bola Tinubu in October 2024.

The bills, which aim to overhaul the country’s tax administration system, now await the Senate’s passage before they can be transmitted to the President for final assent.

The bills, which cover various aspects of tax administration, were considered and passed after the House Committee on Finance presented its recommendations, particularly on the contentious Value Added Tax (VAT) and inheritance tax.

The reforms are expected to bring significant changes to Nigeria’s tax framework, addressing key areas like revenue collection, tax dispute resolution, and the establishment of new institutions to manage tax-related matters.

The tax reform bills approved by the House include:

HB.1756 – A Bill to Provide for the Assessment, Collection, and Accounting of Revenue for Federal, State, and Local Governments, Prescribing the Powers and Functions of Tax Authorities, and for Related Matters.

HB.1757 – A Bill to Repeal the Federal Inland Revenue Service (FIRS) Act and Establish the Nigeria Revenue Service to Manage the Assessment, Collection, and Accounting for Revenue Accruable to the Government of the Federation.

HB.1758 – A Bill to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud, Aimed at Harmonising, Coordinating, and Settling Disputes Arising from Revenue Administration in Nigeria.

HB.1759 – A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation, Enacting the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and for Related Matters.