March 18, (THEWILL) – The House of Representatives on Tuesday passed four tax reform bills for third reading, marking a major step in President Bola Tinubu’s fiscal policy agenda.
The bills, transmitted to the National Assembly by the President on October 13, stem from recommendations by the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele, aimed at overhauling existing tax laws.
Last Thursday, the lawmakers adopted the report of the House Committee on Finance, chaired by James Abiodun Faleke, following a three-day public hearing on the bills.
The committee reviewed memoranda submitted by various stakeholders and incorporated key recommendations into the final draft.
The Revenue Administration Bill (HB.1756) seeks to regulate the assessment, collection, and accounting of revenues across federal, state, and local governments, while defining the powers of tax authorities.
The Nigeria Revenue Service Bill (HB.1757) proposes the repeal of the Federal Inland Revenue Service (FIRS) Establishment Act, 2007, and the creation of the Nigeria Revenue Service, tasked with revenue collection and management for the federal government.
The Joint Revenue Board Bill (HB.1758) establishes the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman to streamline tax administration and dispute resolution.
The Nigeria Tax Act (HB.1759) seeks to consolidate various taxation laws into a single framework governing the taxation of income, transactions, and financial instruments.
The passage of these bills is expected to strengthen Nigeria’s tax system, improve revenue collection, and enhance fiscal transparency.
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