Tax Reform Bills will align with interests of Nigerians – Abbas 

Speaker of the House of Representatives, Tajudeen Abbas, has assured that the parliament would consider proposals and recommendations from stakeholders in the final report on the four tax reforms bills.

Represented by the Majority Leader, Julius Ihonvbere, at the commencement of public hearing on the bills, Wednesday, the speaker stated that the bills represent critical proposals from the executive arm of the government to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development.

The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

“As you are all aware, the bills have generated widespread debate in the media, public domain and even in private discussions, all reflecting their importance. It should be noted, however, that these debates are healthy and necessary for consolidating our democratic practice and culture.

“Therefore, the purpose of this public hearing is to foster robust discussion and harvest recommendations by providing stakeholders the opportunity to make their inputs. Importantly, this public hearing will help us identify areas requiring amendment, clarification, or improvement while also considering the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws,” the speaker said.

Also welcoming stakeholders to the hearing, chairman of the House Committee on Finance, James Faleke, noted that “for many decades, our tax laws have remained largely unchanged. While these laws served their purpose at the time they were enacted, the economic and business landscape has evolved significantly over time.

“Some provisions in our existing tax law are now outdated and are no longer in tune with current economic realities.”