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National Assembly Set to Pass Harmonised Tax Reform Bills by Tuesday
The National Assembly is poised to approve the harmonised tax reform bills by Tuesday, following the successful resolution of previously contentious clauses within the proposed legislation.....KINDLY READ THE FULL STORY HERE▶
According to Naija News, this development was confirmed by James Faleke, Chairman of the House Committee on Finance, through a statement on his official X (formerly Twitter) account on Sunday. Faleke disclosed that the review and harmonisation process had been completed.
Faleke, who also headed the House delegation on the joint harmonisation effort, noted that the Conference Committee—comprising members from both the Senate and the House of Representatives—conducted a comprehensive review of all aspects of the tax reform bills.
“The joint committee thoroughly examined each clause and resolved all grey areas across the four bills,” he stated.
He commended the committee for their rigorous efforts, highlighting that deliberations stretched from Thursday night through Friday and into early Saturday morning. Faleke confirmed the bills are now set for presentation before both legislative chambers for final passage.
He also expressed appreciation to members of the joint committee, singling out Senator Sani Musa, Chairman of the Senate Committee on Finance, for his leadership.
The harmonised tax reform bills, submitted to the joint committee two weeks ago, are designed to overhaul and modernise Nigeria’s tax system in alignment with international standards. Once passed, the bills will be forwarded to President Bola Tinubu for assent.
Senate President Godswill Akpabio previously lauded lawmakers for their dedication to updating the nation’s tax framework. “These four executive bills seek to transform and modernise the tax system in Nigeria,” Akpabio remarked following a Senate vote.
Senator Sani Musa emphasized that the reforms will contribute to key national priorities, including anti-cybercrime efforts, military infrastructure, the Tertiary Education Trust Fund (TETFund), and support for armed forces. He added that the reform will establish a tax ombudsman and reinforce the legal framework for tax-related matters through a tax tribunal.
The proposed changes cover vital areas such as Value Added Tax (VAT), tax collection processes, development levies, and the previously removed inheritance tax. Musa expressed optimism about the bills’ impact, noting that the reforms will yield tangible benefits for Nigerians.
He concluded by praising President Tinubu for ensuring a level playing field during the legislative process.
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