Reps adopt tax reform bill

Arising from the Committee of the Whole, the Speaker, Rep. Tajudeen Abbas, 

By Ikenna Osuoha

 The House of Representatives on Thursday,  adopted the Tax Reform Bill as a working document.

Arising from the Committee of the Whole, the Speaker, Rep. Tajudeen Abbas,  said  that  after  deliberations  on  clauses of the bill, the house adopted it as a working document.

Abbas who commended the Committee on Finance for a work well done, said the report was a reflection of Nigeria’s mind.

“All the 36 states, including the Federal Capital Territory  have their representatives in the sub-comittee.

“This is the first time such a report is getting hundred per cent approval by almost all members,” he said.

Earlier, while presenting the report,  Chairman of the finance committee, Rep. James Faleke, said that contentious areas were well taken care of.

Faleke said the committee recommended that Value Added Tax be based on consumption.

He explained that Value Added Tax still remained 7.5 per cent as it had been.

Falake  said the committee recommended a repeal of  the Federal Inland Revenue Service to establish the  Nigeria Revenue Service.

He  said the Nigeria Revenue Service would  be saddled with the responsibility of collecting revenues for the Federal Government of Nigeria.

He,  however,  expressed optimism that the  Nigeria Revenue Service would enhance seamless tax harmonisation and administration. (NAN)