BREAKING: House Of Reps Moves Forward With Four Tax Reform Bills

February 13, 2025 AZNews Politics 0

The Nigerian House of Representatives has taken a significant step in reforming the country’s tax system by passing four key tax bills for the second reading. These bills were submitted by President Bola Tinubu to the National Assembly as part of his administration’s efforts to improve tax collection, enhance transparency, and make the system more efficient......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

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The four proposed laws are:

  1. Nigeria Tax Bill 2024
  2. Tax Administration Bill
  3. Nigeria Revenue Service Establishment Bill
  4. Joint Revenue Board Establishment Bill

These bills are designed to address long-standing challenges in Nigeria’s tax system, ensuring that businesses and individuals pay taxes in a structured and fair manner while reducing confusion caused by multiple tax regulations.

What the Tax Reform Bills Aim to Achieve

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The bills went through five months of discussions among lawmakers, where they debated and addressed key concerns before reaching a consensus on the proposed changes. During the discussions, members of the House of Representatives highlighted several major benefits of the reforms, including:

  1. Wider Tax Coverage – More businesses and individuals will be brought into the formal tax system, ensuring that more people contribute to national revenue.
  2. Simplified Tax Processes – The reforms will streamline tax collection, making it easier for businesses to understand and comply with tax laws.
  3. Ending Multiple Taxation – Many businesses currently pay multiple taxes at different government levels, leading to confusion and financial strain. The new laws aim to harmonize the process and eliminate unnecessary taxes.
  4. Better Dispute Resolution – A special ombudsman system will be set up to handle conflicts between taxpayers and the government, ensuring that tax disputes are resolved quickly and fairly.
  5. More Efficient Revenue Collection – The new system will reduce cases of tax evasion and leakages, helping the government collect more revenue to fund national development projects.
  6. Business-Friendly Environment – By making tax compliance easier, the reforms will encourage investment and make it easier to do business in Nigeria.

Concerns About How Tax Revenue is Used

While many lawmakers supported the tax reform bills, some raised concerns about how the government utilizes tax revenues. They emphasized that Nigerians need to see real benefits from the taxes they pay. There have been past cases where tax funds were mismanaged, leading to poor infrastructure, inadequate public services, and slow economic development.

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To address these concerns, lawmakers called on the federal and state governments to ensure that the additional revenue generated from these reforms is used responsibly. They urged authorities to prioritize infrastructure, healthcare, education, and job creation so that citizens can see the direct impact of their tax contributions.

What Happens Next?

Now that the bills have passed the second reading, they will move to the committee stage. At this stage, lawmakers will carefully review each provision, make necessary adjustments, and hold discussions with experts, business leaders, and relevant government agencies. Their input will help refine the bills before they are presented for a final vote.

Controversy Over VAT Revenue Sharing

One of the major issues surrounding Nigeria’s tax system is how Value Added Tax (VAT) revenue is distributed across different regions. Recently, the Northern Governors’ Forum, led by Gombe State Governor Muhammed Inuwa Yahaya, opposed a proposed VAT-sharing formula that is based on how much tax each state generates.

The governors argued that this approach would put Northern states at a disadvantage since they generate less VAT compared to wealthier Southern states. They fear that it could reduce the amount of revenue available to fund development in the North and other less economically developed regions.

Despite these concerns, President Tinubu has encouraged all stakeholders to participate in the legislative process to find a fair solution. Meanwhile, Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, acknowledged that the current VAT-sharing system is unfair to all regions, not just the North. He emphasized the need for a balanced approach that ensures fair distribution of resources nationwide.

As these tax reforms progress through the legislative process, Nigerians will be watching closely to see how the changes will impact businesses, government revenue, and economic growth.

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