On Thursday, the House of Representatives approved the tax reform bills forwarded to the House by President Bola Tinubu in late 2024.

The bills which include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill, were passed by the Green Chamber of the 10th National Assembly during plenary on March 13.

New Telegraph reports that the development followed clause-by-clause consideration of all relevant amendments on the bills at the Committee of the Whole.

Some of the amendments include retention of the Value Added Tax rate at the current 7.5 percent as opposed to a staggered increase, and extension of income tax exemptions to specific agricultural businesses and military officers.

With the adoption of the report on the tax bills, the House of Representatives is working towards the eventual passage of the tax bills next week.

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Speaking after the House considered and adopted the report on the four tax reform bills, the Chairman of the House of Representatives Committee on Finance, James Faleke, stated that the concerns of Nigerians have been taken care of in the documents.

The lawmaker assured Nigerians that the tax reform bills would produce widely acceptable laws.

He thanked fellow lawmakers and Nigerians who engaged with the bills, assuring them that the resulting laws would be acceptable to all.

Faleke also thanked the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.

He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.

“These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause.

“I am glad that House members recognised our thorough work and approved all our recommendations,” Faleke said