TINUBU’S TAX BILLS SCALE THROUGH SECOND READING AT HOUSE OF REPS

TINUBU’S TAX REFORM BILLS SCALE THROUGH SECOND READING AT HOUSE OF REPS

President Bola Tinubu’s proposed tax reform bills have passed for second reading in the House of Representatives.

The bills passed for second reading after a long debate on the floor of the House.

The four tax reform bills, the Joint Revenue Board of Nigeria, Establishment, Bill 2024, the Nigeria Revenue Service (Establishment) Bill 2024, the Nigeria Tax Administration Bill 2024, and the Nigeria Tax Bill 2024 – are meant to overhaul the Nigerian tax system.

Tinubu had submitted the bills before the National Assembly in 2024 despite widespread outcry.

Leading the debate on Wednesday, the Majority Leader, Julius Ihonvbere, commented on the concerns raised about the bills, noting that the Nigerian Governors Forum, NGF, has resolved the issues.

Ihonvbere stated that the House had held several meetings with different caucuses to address their concerns.

He also highlighted some of the benefits of the bills, including tax exemptions for low-income earners.

After a debate lasting over four hours, the bill was subsequently passed for a second reading when it was put to a vote by Speaker Abbas Tajudeen.

The bills were later referred to the House Committee on Finance for further legislative action.

The tax reform bills, drafted by the Presidential Committee on Tax Reforms and Fiscal Policy, aim to overhaul the existing tax laws in Nigeria.

However, the bills have faced stiff opposition, mainly from the northern parts of the country, particularly from northern governors who have described them as “anti-North.”