The four tax reform bills transmitted to the National Assembly in 2024 by President Bola Tinubu have successfully passed second reading at the House of Representatives, YEPS News has gathered.
The bills progressed in the Green Chamber on Wednesday, six months after their submission, following recommendations from the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms.
Lawmakers Debate Highly Controversial Tax Bills
Sources familiar with parliamentary proceedings confirmed to YEPS News that the House of Representatives is set to deliberate further on the four bills, which include:
- Nigeria Tax Bill 2024
- Tax Administration Bill
- Nigeria Revenue Service Establishment Bill
- Joint Revenue Board Establishment Bill
Having scaled second reading, the bills will now be subjected to public hearings, where stakeholders and interest groups can present their positions.
Opposition and Concerns Over the Tax Bills
The proposed reforms have sparked widespread controversy, facing strong resistance from northern governors, opposition politicians, and economic analysts, many of whom demanded the bills be withdrawn from the National Assembly.
During plenary on Wednesday, lawmakers took turns voicing their support for the bills. However, Hon. Sada Soli raised concerns over constitutional conflicts, warning that certain provisions might contradict the 1999 Constitution.
“The issue of derivation must be explicitly defined to avoid any ambiguity,” Soli cautioned. He expressed confidence that the committee reviewing the bills would address these legal and structural concerns before final passage.
Multiple Taxation and Legal Revisions Under Scrutiny
Other lawmakers drew attention to the 40 existing tax laws that the proposed bills seek to amend. They demanded that the full list of affected laws be formally presented before the Parliament for review.
A key point of contention, YEPS News has learned, is the provision that requires both buyers and sellers to pay tax on property transactions, raising fears of multiple taxation.
As the debate unfolds, stakeholders are expected to push for revisions to ensure that the tax reforms achieve fiscal efficiency without overburdening citizens.