The House of Representatives has gone into a closed-door session to deliberate on the Tax Reform Bills proposed by President Bola Tinubu.
The meeting which is currently underway, aims to build consensus among lawmakers ahead of the debate on the bills.
A lawmaker of the All Progressives Congress said the meeting is expected to douse tension ahead of the debate.
“Not everyone is convinced yet about the bills, but there is a feeling that the intent of the Federal Government is the well-being of the economy. This meeting is to drum support for the bills,” he stated.
The Tax Reform Bills, which were transmitted to the National Assembly on September 3, 2024, are designed to reform the country’s tax system. The bills are based on the recommendations of the Taiwo Oyedele-led tax reforms committee.
The four bills, which are expected to be debated by the lawmakers, include the Nigeria Tax Bill 2024, which will provide the fiscal framework for taxation in the country. The Tax Administration Bill will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
Other bills include the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service. The Joint Revenue Board Establishment Bill will create a tax tribunal and a tax ombudsman.
