The Nigerian House of Representatives has successfully passed four executive tax reform bills aimed at restructuring the country’s tax administration system.
The four bills include:
- HB.1756: An act to define the assessment, collection, and accounting for revenue accruing to the Federation, Federal, State, and Local Governments, and outline the powers and functions of tax authorities.
- HB.1757: A bill to repeal the Federal Inland Revenue Service (FIRS) Act and establish the Nigeria Revenue Service, which will be responsible for the assessment, collection, and accounting of federal revenue.
- HB.1758: An act to establish a Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman for resolving revenue administration disputes in Nigeria.
- HB.1759: A bill to consolidate taxation laws and enact the Nigeria Tax Act to regulate the taxation of income, transactions, and instruments.
House Leader Prof. Julius Ihonvbere presented the bills to the House, which were later adopted after the speaker, Mr Tajudeen Abbas, put the question to a vote.
The passage of the bills marks the end of speculation about their approval.
