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The Nigerian House of Representatives is currently reviewing four significant tax bills that could reshape the country’s tax administration. These bills, originally transmitted to the National Assembly in October 2024 by President Bola Tinubu, are now under consideration following a public hearing and review process.
During Thursday’s plenary session, presided over by Speaker Tajudeen Abbas, the Chairman of the Committee on Finance, James Abiodun Faleke, presented the report on these bills. The lawmakers have since moved into the Committee of the Whole to examine the proposed legislation on a clause-by-clause basis.
Highlights of the Tax Bills
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Revenue Assessment and Collection Bill (HB.1756)
This bill aims to streamline revenue collection at all levels of government—federal, state, and local—while clearly defining the powers and functions of tax authorities. -
Nigeria Revenue Service Bill (HB.1757)
If passed, this bill would repeal the Federal Inland Revenue Service (FIRS) Act of 2007 and establish the Nigeria Revenue Service (NRS) as the primary agency responsible for assessing, collecting, and accounting for government revenue. -
Joint Revenue Board and Tax Dispute Resolution Bill (HB.1758)
This bill seeks to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud, providing a structured system for harmonizing, coordinating, and resolving tax-related disputes in Nigeria. -
Nigeria Tax Act (HB.1759)
This bill proposes a comprehensive overhaul of Nigeria’s tax laws, consolidating various tax regulations into a single legal framework. It focuses on the taxation of income, transactions, and financial instruments, ensuring better clarity and enforcement.
Why These Bills Matter
- For Individuals: The proposed changes could impact personal taxation, financial transactions, and dispute resolution processes.
- For Businesses: Companies may face new tax compliance requirements and operational changes.
- For the Economy: A well-structured tax system could enhance revenue generation, improve efficiency, and promote economic stability.
As lawmakers deliberate on these bills, their final decisions will shape Nigeria’s tax landscape for years to come. Do you think these reforms will improve tax administration in Nigeria? Share your thoughts in the comments!
