The four tax reform bills transmitted to the National Assembly in 2024 by President Bola Tinubu have scaled second reading in the House of Representatives.
The bills scaled second reading on the floor of the Green Chamber on Wednesday some six months after the President transmitted them to the National Assembly for consideration following the recommendations of the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms.
The bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
The bill, having scaled second reading, would now be subjected to a public hearing.
The new tax bills were enveloped in widespread controversy and sparked scathing criticisms and stiff opposition from many, including northern governors and opposition politicians who demanded their withdrawal from the National Assembly.
During plenary on Wednesday, speaker after speaker supported the bill, but a lawmaker, Sada Soli, feared that some sections of the new bills might contradict the 1999 constitution.
The issue of derivation, according to Soli, must be clearly defined to avoid any ambiguity.
He was hopeful that the committee saddled with the responsibility to scrutinise the bills would address the issues that might arise before the bills are passed.
Also, other lawmakers drew attention to the 40 acts which the bill sought to amend and requested that they should be laid before Parliament. The lawmakers said the issue of multiple taxation involving property purchase provided in the bill should be addressed, as the provision stated that the buyer and seller must pay tax.
Disclaimer: Candid Reporters publishes news, information, sports, opinions, and Interviews. The site includes both reported and edited content. Unmoderated posts and Comments expressed here do not reflect the opinions of Candid Reporters or any employee thereof..
