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Others include “A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the TaxOmbud, for the Harmonisation, Coordination and Settlement of Disputes arising from Revenue Administration in Nigeria and for Related Matters (HB.1758) and A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide For Taxation of Income, Transactions and Instruments, and for Related Matters (HB.1759).” The House Leader,Professor Julius Ihonvbere, spearheaded the debate on the consolidated tax reform, emphasizing the urgent need to revamp the nation’s outdated tax system.
In his remarks regarding the fundamental principles of the proposed legislation, Ihonvbere expressed gratitude to the Nigerian Governors’ Forum for their significant contributions, particularly in refining the VAT sharing formula, which alleviated previous concerns surrounding the tax reform bills.
Ihonvbere noted that the proposed tax reforms would provide substantial benefits to Nigerians if enacted, including the harmonization of various taxes, a reduction in PAYE tax, the introduction of zero VAT on essential goods such as food, healthcare, and education, as well as incentives for low-income workers.
The merged bills include: “A Bill For an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters (HB.1756); A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish Nigeria Revenue Service, charged with Powers of Assessment, Collection of, and Accounting for Revenue Accruable to the Government of the Federation and for Related Matters (HB.1757).
He raised concerns regarding inconsistencies in several clauses of the proposed tax reform bills, urging the committee responsible for these bills to address and rectify these issues..
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