The House of Representatives Tuesday passed for third reading, the four tax reforms bills sent to the National Assembly in October 2024.
The bills are “A bill for an act to provide for the assessment, collection of and accounting for revenue accruing to the Federation, Federal, States and Local Governments, prescribe the powers and functions of Tax Authorities and for related matters (HB 1756).
“A bill for an act to repeal the Federal Inland Revenue Service (Establishment) Act, No 13, 2007 and enact the Nigerian Revenue Service (Establishment) bill to establish Nigerian Revenue Service, charged with powers of assessment, collection of and accounting for Revenue Accruable to government of the Federation and for related matters (1575).
“A bill for an act to establish Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud for the Harmonisation, coordination and settlement of disputes arising from revenue administration in Nigeria and for related matters (HB 1758).
“A bill for an Act to repeal certain Acts on taxation and consolidate the legal framework, relating to taxation and enact the Nigerian Tax Act to provide for taxation of income, transactions and instruments and doe related matters (HB 1759)”
The bills were passed after they were read for the third time at plenary by the House leader, Julius Ihonvbere.
It will be recalled that the House had last Thursday considered and approved the report of the House Committee on Finance that worked on the bills and the submissions received from Nigerians.
With the passage of the bills, the House now awaits concurrence from the Senate, which has yet to pass its version of the proposed legislation.
