National
House Of Reps Passes Key Tax Reform Bills
By Benjamin Abioye
The House of Representatives has approved four major tax reform bills aimed at improving Nigeria’s tax system.
These bills, first sent by President Bola Tinubu in October 2024, have moved a step closer to becoming law, pending approval by the Senate and the President’s final assent.
During Tuesday’s session, lawmakers reviewed the proposals and passed them after receiving recommendations from the House Committee on Finance. The discussions mainly focused on key areas such as Value Added Tax (VAT) and inheritance tax.
The tax reforms have been designed to enhance revenue collection, resolve tax disputes, and introduce new institutions to oversee tax-related matters in the country. Lawmakers believe these changes will make the tax administration system more efficient.
The approved bills include:
HB.1756 – A bill to regulate revenue collection at federal, state, and local government levels while defining the roles of tax authorities.
HB.1757 – A bill to replace the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service, responsible for managing government tax revenue.
HB.1758 – A bill to create the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud, ensuring better coordination and dispute resolution in tax administration.
HB.1759 – A bill to repeal certain tax-related laws and establish the Nigeria Tax Act, which will consolidate taxation regulations on income, transactions, and financial instruments.
With the House of Representatives’ approval, attention now shifts to the Senate, where the bills must be reviewed and passed before they can be signed into law.
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