The House of Representatives is set to engage tax experts to provide insight into the implications of the proposed Tax Reform Bills, currently under consideration by the National Assembly. Deputy spokesman Philip Agbese announced this in an exclusive interview with a media outlet.
Background on Tax Reform Bills
President Bola Tinubu introduced four executive bills aimed at streamlining tax processes, establishing a unified revenue service, and simplifying financial obligations for businesses and citizens. These reforms resulted from a comprehensive review of existing tax laws by the Taiwo Oyedele-led committee, inaugurated in August 2023.
Key Provisions of Tax Reform Bills
- Streamlining Tax Processes: Simplifying tax collection and compliance.
- Unified Revenue Service: Establishing a single revenue service.
- Simplified Financial Obligations: Easing financial burdens on businesses and citizens.
Reactions and Next Steps
The 36 state governors requested withdrawal for further consultation, while 19 governors rejected the bill citing concerns against state and northern interests ¹. Despite opposition, the Presidency advocates for parliamentary consideration, open to potential revisions.
House Minority Leader Kingsley Chinda assured alignment with national interests, emphasizing balanced taxation. “We don’t stand against taxation, but excessive taxation will impoverish Nigeria,” Chinda stated ¹.
