Reps hold public hearing on tax reform bills February 26

The House of Representatives has scheduled to hold public hearing on the controversial tax reform bills, Wednesday, February 26, 2025.

President Bola Tinubu, had in October, 2024 transmitted four tax bills to the Senate and House of Representatives, but legislative action was stalled due to stiff opposition especially from northern caucuses of the National Assembly.

However, following consultations largely led by the northern governor’s forum, the lower chamber last week passed the bills for its second reading, with a resolution that all contentious issues will be addressed at the public hearing.

Among the most contentious proposals is the gradual increase in Value Added Tax (VAT), and the powers granted the president.

Abbas Tajudeen, speaker of the House who announced date of the hearing during plenary on Tuesday, also constituted a special committee which largely includes the 36 members of the House Committee on Finance.

Read also: Tax reform bills pass second reading at House of Reps

Moreover, the federal government wants the National Assembly to pass these bills before the end of March, 2025. Taiwo Oyedele, chairman of the Presidential Committee on Tax Policy and Fiscal Reforms said the timeline would give government ample time to notify taxpayers to prepare themselves with capacity for implementation.

The bills are: 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);

A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, 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).