The House of Representatives is rallying inputs from stakeholders for Legislative frameworks that will usher a new tax era in Nigeria .
As the four Tax Reform bills continue to generate controversy, the lower chamber notes that Nigeria’s ‘Tax laws are no longer in tune with current economic realities.
Declaring the three-day public hearing open, Speaker of the House, Hon. Abbas Tajudeen, emphasized that the forum will allow Nigerians contribute to shaping a tax system that enhances socio-economic wellbeing.
Represented by the House Majority Leader, Hon.Julius Ihonvbere,
Tajudeen noted that the bills aim to boost the nation’s revenue base, create a favorable environment for investors, and streamline tax collection processes.
He however reiterated the commitment of the 10th National Assembly to ensuring that the proposed tax reform bills reflect the interests of Nigerians.
Quoting statistics from the Joint Tax Board , Chairman House Committee on finance, Hon. James FALEKE noted that just about 35 million Nigerians pay tax, while only 9% of companies registered in the country are captured in the tax net.
He painted other pathetic verbal pictures of Nigeria’s present tax system.
The Nigeria Customs Service raised concerns over Section 40 of the Nigeria Revenue Service Establishment Bill, fearing that its implementation could threaten the agency’s existence.
Similarly, the Kano State Government expressed support for the bills but urged lawmakers to reconsider certain provisions, including the inheritance clause.
The proposed tax reform bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Nigeria Joint Revenue Service Bill.
