The House of Representatives on Wednesday initiated deliberations on four tax reform bills submitted to the National Assembly in 2024 by President Bola Tinubu.
These bills, scheduled for a second reading, had been pending for six months since their transmission, following recommendations from the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms.
The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
However, the bills have stirred controversy, facing strong criticism and resistance from various quarters, including northern governors and opposition figures who have called for their withdrawal.
During Wednesday’s plenary, most lawmakers expressed support for the proposed reforms, but Sada Soli raised concerns about potential constitutional contradictions within some sections of the bills.
He particularly stressed the need for clear definitions on derivation to prevent ambiguity.
Soli remained optimistic that the committee assigned to review the bills would resolve any contentious issues before they are passed.
Additionally, some lawmakers highlighted the bill’s attempt to amend 40 existing acts, insisting that these amendments be laid before Parliament for proper scrutiny.
They also raised concerns about provisions related to multiple taxation on property transactions, which require both buyers and sellers to pay taxes.
More details to follow…