Reps pass tax reform bills, await Senate concurrence

The House of Representatives, on Tuesday, passed the tax reform bills sent to the National Assembly in October by President Bola Tinubu.

The bills are the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.

The bills were passed after they were read for the third time at plenary, presided over by Speaker Abbas Tajudeen.

The lower chamber had last week approved significant amendments to the proposed legislation after a clause-by-clause consideration of the bills, as presented by the Chairman, Committee on Finance, James Abiodun Faleke.

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The amendments approved by the lower chamber at plenary addressed contentious issues such as inheritance tax, Value Added Tax (VAT) rate and distribution formula, and the clause on continuous funding of the Tertiary Education Trust Fund (TETFUND), National Agency for Science and Engineering Infrastructure (NASENI), and National Information Technology Development Agency (NITDA) from the development levies fund.

With the passage of the bills, the House now awaits concurrence from the Senate, which has yet to pass its version of the legislation.