The Controversial Tax Reform Bill Pass Second Reading

Tax Reform Bill

The new controversial Tax reform bill by President Bola Tinubu has passed for second reading in the House of Representatives.

The bills was passed for second reading after a long debate on the floor of the House. If you may recall this bill has starred up stiff opposition from the northern part of the Country and rejected several times, particularly from northern governors who have described them as “Anti-North.”

The four tax reform bills are meant to overhaul the Nigerian tax system. The tax bills are:

  •  The Joint Revenue Board of Nigeria, Establishment, Bill 2024
  • The Nigeria Revenue Service (Establishment) Bill 2024
  • The Nigeria Tax Administration Bill 2024 
  • The Nigeria Tax Bill 2024 

Leading the debate on Wednesday, the Majority Leader, Julius Ihonvbere, commented on the concerns raised about the bills, noting that the Nigerian Governors Forum, NGF, has resolved the issues.

Ihonvbere stated that the House had held several meetings with different caucuses to address their concerns.

He also point out some of the benefits of the bills, which includes tax exemptions for low-income earners.

The bill was subsequently passed for a second reading when it was put to a vote by Speaker Abbas Tajudeen after a debate lasting over four hours.

The bills were later referred to the House Committee on Finance for further legislative action.

The tax reform bills, drafted by the Presidential Committee on Tax Reforms and Fiscal Policy, aim to overhaul the existing tax laws in Nigeria.

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