JUST IN: House of Reps Passes Four Major Tax Reform Bills

The House of Representatives has passed four significant tax reform bills following their third reading during plenary on Tuesday. This comes after a detailed clause-by-clause consideration of the bills last Thursday during the Committee of the Whole session.

Initially transmitted to the National Assembly by the Executive in October 2024, the bills sparked intense debate and mixed reactions from stakeholders across the country. Many groups, individuals, and regional blocs expressed skepticism and concerns over certain provisions, leading to widespread consultations and discussions.

In response, the House conducted a public hearing to accommodate the diverse views presented. The feedback gathered prompted several adjustments, with the House Committee on Finance introducing amendments, deletions, and new sections to refine the bills.

The four bills passed are: the Nigeria Tax Administration Bill (HB.1756), the Nigeria Revenue Service (Establishment) Bill (HB.1757), the Joint Revenue Board Bill (HB.1758), and the Nigeria Tax Bill (HB.1759). With the third reading completed, the bills will now proceed to the next stage in the legislative process.