The tax reform bills have finally passed second reading in the House of Representatives, six months after President Bola Tinubu brought them to the national Assembly.
The proposals were referred to the Committee on Finance after an extensive debate by majority of the members.
For four hours, One after the other, members of the House of Representatives debated the principles of the four tax reform bills sent to the National Assembly by President Bola Tinubu last year.
The bills sparked criticism and faced stiff opposition from many, including Northern governors, opposition politicians and lawmakers from the north; forcing a suspension of the consideration in the House of Representatives.
All hurdles have now been cleared as the Leader of the House led the debate after presenting the bills for consideration.
Majority Leader, House of Representatives, Julius Ihonvbere believes enactment of the tax reform bills offers many benefits to the people and governments at all levels.
The Nigerian tax reform seeks to consolidate separate tax laws into a single piece and proposes a repeal of the Personal Income Tax, Value Added Tax Act and Company Income Tax Act.
He set the tone for an intense debate as members from across all geographical zones took turns to contribute.
There was no dissenting voice as members commended the initiatives behind the bills.
They spoke eloquently of the merits of the bills when they become law.
Some concerns were however raised about some provisions of the bills.
Some of the lawmakers were against the proposed increase in Value Added Tax (VAT) and suggested that it should be stepped down in view of the economic hardship being faced by the people.
They also expressed concerns that some sections in the bills contravenes the 1999 Constitution as amended
In all, they are hopeful the bills will become laws, they also expect that concerns raised will be duly addressed
The four bills are the Nigerian Tax Bills 2024, The Nigerian Revenue Service Establishment Bill, Joint Revenue Board Establishment Bill and the Joint Revenue Board Establishment Bill.
The bills have now been referred to the Committee on Finance for further legislative action.
The committee on finance bill will in the coming days host industry players, professionals, organised labour, the civil society community and other members of the public for their contributions into the bills ahead third reading.
