Sales representatives pass tax reform bill to conduct second reading

On Wednesday, February 12, the House passed the Tax Reform Bill for a second reading.

The House earlier consolidated four tax reform bills sent to the House last year by President Bola Ahmed Tinubu, before starting a debate on general principles.

The merger of the bill follows a motion by House leader Professor Julius Ihonvbere after a leave granted by Speaker Abbas Tajudeen.

The merged bill includes: “A bill, which provides for the assessment, collection and accounting of the revenues of federal, federal, state and local governments; the powers and functions of the prescription tax authorities, and related matters (HB.1756); Act, repealing the Federal Inland Revenue Agency (Incorporation) Act No. 13 of 2007, and promulgating the Nigerian Revenue Agency (Incorporation) Act to establish the Nigerian Revenue Agency and collecting the power of assessment, collection and accounting of the federal government and related matters Income (HB.1757).

Others include: “The bill establishes a joint tax committee, a tax appeals court and a tax applicant office to coordinate, coordinate and resolve tax disputes
The management of Nigeria and related matters (HB.1758) and a bill that abolishes the bill on taxation and consolidates the legal framework related to taxation and enacts the Nigerian Tax Act to provide for income, transactions, instruments and taxation, and for Related matters (HB.1759).

House leader Professor Julius Ihonvbere chaired the main debate on the merger tax reform, highlighting the need for overhaul of what he called outdated national tax reform.

Speaking about the general principles of the bill, Ihonvbere said that the legislation expressed gratitude to the Nigerian Governor Forum for valuable comments on the re-alignment of the VAT sharing formula, which helped to eliminate earlier concerns that went beyond the tax reform bill.

He said bills aimed at modernizing the tax reform system will enhance civil power and enhance inclusive growth.

Ihonvbere said that tax reforms would benefit Nigerians and provide incentives for low-income workers if they were to pass uniform taxes, reduce PAYE tax, provide zero VAT, provide food, health care, education, etc.

In the contributions to the debate on the general principles of the bill, most of the lawmakers spoke to support the passage of the bill’s second reading.

After a large-scale deliberation, the Comprehensive Bill was overwhelmed by the second reading after a voice vote by Speaker Abbas Tajudeen.