House of Representatives has adopted the report of its Committee on Finance on the proposed four tax reform bills transmitted to the National Assembly for consideration by the Executive.
Presenting the report on the floor of the House, the Committee Chairman, Mr. James Faleke, stated that after rigorous deliberations at different levels, the committee successfully removed some contentious provisions that had generated significant public interest.
Mr. Faleke further explained that after receiving memoranda from over 80 key stakeholders across the country during the committee’s public hearing, the National Assembly is committed to producing a document that will be acceptable to all Nigerians.
The committee Chairman who lauded President Bola Ahmad Tinubu, for considering it worthy to amend the tax laws also appreciated the leadership of the house for entrusting the committee with the responsibility of processing the bills and to lay them before the house.
According to the lawmaker, Nigeria cannot continue to operate with archaic tax laws if it hopes to meet the demands for business survival and achieve the government’s revenue targets that support both national development and citizens’ welfare.
Speaking to newsmen after the consideration of the report, former House Leader, Alhaji Alhassan Ado Doguwa, described the process as transparent, stating that consultants and the Executive made necessary adjustments to reflect the will of the people.
Alhassan Ado Doguwa confirmed that issues raised by relevant stakeholders, ranging from inheritance tax, derivation, and Value Added Tax (VAT) were critically examined and considered by the House to ensure the smooth passage of the bills by both chambers of the National Assembly.
Also speaking, a member from IMO State Ikeagwuonu Ugochinyere, said although he is from the opposition party but was happy with the system that is going to bring people into the tax net, create more revenues for effective running of government policies and programmes.
On his part, a member from Kan on State Alhassan Kabiru Alhassan Rurum, expressed optimism that the Bills will being rapid transformation in the nation’s revenue system and block leakages in revenue collection and remittances among the government
Alhaji Alhassan Rurum, however assured Nigerians that the house will continue to protect their own interest appealed for prayers and understanding ong one another for the country to move forward.
The Tax Bills adopted by the house are, Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board and the Nigerian Revenue Service establishment Bill.
COV/TSIBIRI
