KEY POINTS
- Lawmakers finalize harmonized tax reform bills after lengthy deliberation.
- Tax reform bills aim to modernize Nigeria’s tax system.
- Harmonized tax reform bills to support defense, education, cybersecurity.
Rep. James Faleke, the head of the House Committee on Finance, stated that when major differences in the proposed legislation are resolved, the National Assembly might approve the harmonized tax reform proposals by Tuesday.
Lawmakers finalize harmonized tax reform bills after marathon review
Faleke revealed the information on his official X account on Sunday. Faleke is also in charge of the House delegation for the tax harmonization effort.
Faleke wrote, “The House and Senate Conference Committee on the Tax Reform Bills has successfully completed its work.” “The four bills’ grey areas were thoroughly examined by the joint committees, which also resolved contentious issues and strategically examined each clause.”
In order to complete the document for legislative passage, he said, the panel labored through Thursday night, Friday, and early Saturday morning.
In addition to praising House members for their “unwavering commitment to the Nigerian people,” he stated, “I would especially like to thank the Senate Conference Committee, ably led by the Chairman of the Senate Committee on Finance, the Distinguished Senator Sani Musa.”
The four executive tax bills were forwarded to the joint harmonization committee, which consists of members from both houses, two weeks ago in order to reconcile revisions before being forwarded to President Bola Tinubu for his approval.
Harmonized tax reform bills will support defense and education
Following a voice vote, Senate President Godswill Akpabio declared the legislation passed and praised the legislators for their efforts to update the tax code.
“These four executive bills aim to modernize and change Nigeria’s tax system,” Akpabio stated.
The goal of the changes, according to Sen. Sani Musa, the chair of the ad hoc committee on tax reform and a representative of Niger East, is to bring Nigeria’s taxation into line with international norms.
He disclosed that a portion of the tax money will go toward military operations, the TETFund, national defense, and anti-cybercrime programs.
Musa also suggested that the president create an ombudsman for tax-related disputes and designate a chairperson. He pointed out the elimination of some clauses, including inheritance tax and development fees, and underlined the necessity of a working tax tribunal.
“I think this will have a positive impact on Nigerians,” Musa stated.
