By Mariam Okpe – Abuja.
Speaker of the House of Representatives, Tajudeen Abbas has assured that the House would consider all proposals and recommendations made by stakeholders in the final report on the four tax reform bills.
The speaker disclosed this while declaring open, a three-day public hearing on the tax reforms bills held at the National Assembly, Complex, Abuja.In his presentation at the public hearing at the National Assembly yesterday, the Comptroller-General, Nigeria Customs Service, NCS, Adewale Adeniyi said the service had identified what it called conflict in the bills with some provisions of the Nigerian Customs Act 2023.
It would be recalled that President Bola had on October 3, 2024, transmitted four tax bills to the National Assembly for accelerated consideration and passage.
The bills are the Nigerian Tax Bill; Nigeria Tax Administration Bill; Joint Revenue Board Bill; as well as the Nigeria Revenue Service Bill, which lawmakers said are aaimed at simplifying Nigeria’s tax system and reduce multi-layered taxation, expand the tax base, enhance compliance and ensure effective sustainable revenue for national development.
The bills which had since scaled through second reading in the House of Representatives, were thereafter referred to the Committee on Finance for further legislative actions.
During the hearing, Speaker Abbas, represented by the Majority Leader, Julius Ihonvbere explained that the bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance and establish sustainable revenue streams for the nation’s development.
The customs boss made reference to clauses 78, 79, 141(1) and 143 of the proposed Nigeria Tax Bill 2024 that are in conflict with the provisions of the NCS Act 2023.‘’In terms of revenue, it has increased by 97 percent and has been on upward trajectory.
We have seen results in less than two years after the enactment of the Act,” Adeniyi pointed out.Again, the Trade Union Congress, TUC, in its presentation made by the National Secretary, Nuhu Toro, said though the country needs the new tax bills, it should be carefully drafted to ensure that no increment gives additional stress to Nigerians.
The union, therefore, rejected the proposed increase of Value Added Tax, VAT, from 7.5 percent to 15 percent, emphasising that the country is currently being stressed up, due to unemployment and consistent general increment in the total cost of living.
The TUC leadership canvassed for increase in tax exemption for many Nigerians.Meanwhile, Speaker Abbas had earlier admitted that the tax reform bills had generated widespread debate in the media, public domain and even in private discussions, all reflecting their importance.
He noted that such debates were healthy and necessary for consolidating democratic practice and culture.Also, the Chairman House Committee on Finance, James Falake informed that the purpose of the public hearing was to foster robust discussions and harvest recommendations by providing stakeholders the opportunity to make their inputs.
Urging stakeholders to rally support for the executive bills, Falake noted that though it had scaled second reading in the green chambers, Nigerians, especially stakeholders should make their inputs to ensure a better legislation for all.