The House of Representatives today approved the tax reform bills forwarded by President Bola Tinubu to the National Assembly.
The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
Some of the amendments include retention of the Value Added Tax rate at the current 7.5 percent as opposed to a staggered increase, and extension of income tax exemptions to specific agricultural businesses and military officers.
Speaking after the House considered and adopted the report on the four tax reform bills, the Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), stated that concerns of Nigerians have been taken care off in the documents.
The lawmaker assured Nigerians that the tax reform bills will produce widely acceptable laws .
“These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause.
“I am glad that House members recognised our thorough work and approved all our recommendations,” he said.
He thanked fellow lawmakers and Nigerians who engaged with the bills, assuring them that the resulting laws will be acceptable to all.
