APC Lawmakers Champion Tax Reform: A New Era For Nigeria’s Tax System

Big News: The House of Reps Moves Forward on Major Tax Reforms

Listen up, folks. On Tuesday, the House of Representatives gave a big thumbs up to four key tax reform bills. These bills were sent over to the National Assembly by President Bola Tinubu just last October. Now, these proposals are on their way to the Senate for final approval before heading back to the President for his official nod. This is a major step toward reshaping Nigeria’s tax system and making it work better for everyone.

What’s Inside These Tax Reform Bills?

Let’s break it down. These bills are all about revamping the way taxes are handled in Nigeria. After the House Committee on Finance reviewed them and shared their thoughts—especially on those tricky VAT and inheritance tax issues—they were passed with flying colors. These reforms are designed to shake things up in a good way, focusing on improving how revenue is collected, how disputes over taxes are resolved, and setting up new organizations to manage tax-related issues more efficiently.

Here Are the Four Bills the House Just Approved:

First up, we’ve got HB.1756. This one’s all about figuring out how to assess, collect, and keep track of revenue for federal, state, and local governments. It also spells out the responsibilities of tax authorities and tackles related matters. It’s like a blueprint for making sure every level of government gets its fair share.

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Next is HB.1757. This bill is a game-changer because it gets rid of the old Federal Inland Revenue Service (FIRS) Act and brings in the Nigeria Revenue Service. This new setup is tasked with handling the assessment, collection, and accounting of revenue for the federal government. Think of it as upgrading the system to something more modern and efficient.

Then there’s HB.1758. This one establishes the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud. These groups will work together to smooth out the tax process, coordinate efforts across the country, and settle disputes that come up in tax administration. It’s like having a team of problem solvers ready to tackle any tax-related challenges.

Lastly, we’ve got HB.1759. This bill is a consolidation of different tax laws. It repeals some older acts and brings everything together under the Nigeria Tax Act. This act will cover the taxation of income, transactions, and various instruments, making sure everything is clear and organized for everyone involved in the tax process.

So there you have it. These bills are not just a bunch of paperwork; they represent a significant shift in how taxes are managed in Nigeria. If all goes well in the Senate, we could be looking at a whole new era of tax administration that benefits the entire nation. Stay tuned to see how this story unfolds!