A Bill for an Act to Amend the Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff (Consolidation) Act, Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act and Petroleum Profit Tax Act to Provide for the Review of Tax Provisions and make them more Responsive to Tax Reform; and for Related Matters passed second reading in the House of Representatives on Wednesday.
The Bill sponsored by the sacked Majority Leader of the House, Alhassan Doguwa (APC, Kano) was moved for the second reading by Deputy Majority Leader, Peter Akpatason and seconded by Enitan Badiru.
In leading the debate Akpatason stated that the Bill seeks to encourage progressive taxation that is sensitive to the level of income of those paying and reform domestic tax law in line with international best practice, promote investor confidence and support small and medium businesses.
Adewunmi Onanuga supported the Bill stating that those that earn more should be able to give more to the development of the nation. James Faleke also supported the Bill as it seeks to ensure individuals and firms even in the rural areas will be more participatory and also beneficiaries of the tax system.
Johnson Oghuma praised the spirit of the Bill as it seeks to address the gaps in the tax Laws and enhance the revenue generation drive of the nation while Haruna Mshelia called on members to support the Bill to aid the revenue generation drive of the federal government.
Wale Oke stated that there is no better time to review the tax Law than now for the development of the nation and called on the committee to do the necessary job to ensure Nigerians get the best tax Law possible.
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Aliyu Ibrahim praised the initiative of the Bill to generate funds for capital expenditure that will lead to economic development, and Afolabi Rasheed stated that the success of the 2020 budget is hinged on critical finance Bills such as this one and members should see the passage of this amendment Bill as a call to national duty, and ensure it is passed.
But Nicholas Ossai in opposing the Bill stated that some areas of it pinches the masses, especially in Sections 47 and 48 and complained that the additional charges to the air transport services make air travel even more economically straining.
He called for the proper scrutiny of the Bill as a critical finance Bill that will have a significant impact on the lives of Nigerians, their sources of income and points of expenditure.
Onofiok Luke while agreeing to the need for increased revenue generation through all possible means; queried anything that would promote double taxation on Nigerians and called for the tightening of any leakages that would allow the system to be manipulated against Nigerians.
Henry Archibong called for caution in the finance system that seems to waste funds generated even through taxes and called for an overhaul of the system which doesn’t seem to be transparent and accountable.
Mohammed Tahir Monguno stated that the Bill is pro masses as it doesn’t seek to tax basic goods and services used by the masses, such as grains, also he stated that some small and medium enterprises are exempted from the implications of the Bill.
The Deputy Speaker Ahmed Wase called for patriotism on the part of members for the good of Nigerians to ensure the Bill passes so that the nation can indeed fund its responsibilities to Nigerians who members represent.
He stated that the ratio of Nigerians to the amount available in the national budget is laughable and the country needs all the funds it can generate from any quarter.
The Bill was voted on, passed for second reading and referred to the Committee on Finance.
