The Nigeria’s tax reform bills have been passed at the third reading stage by the House of Representatives.
The House had at its plenary Thursday considered and unanimously adopted the recommendations of its special committee on the bills, and followed up with passage of clean copies of the bills Tuesday.
President Bola Tinubu had transmitted the proposals to the National Assembly in October last year, which are the Nigeria Tax Bill, the Tax Administration Bill, the Joint Revenue Board Establishment Bill, and the Nigeria Revenue Service Establishment Bill.
Though there were stiff oppositions to some proposals in the initial bills, the House has received commendations for its widespread stakeholders’ engagement which saw to the smooth sail of the documents after addressing the knotty issues.
For instance, the House ended up retaining the extant Value Added Tax (VAT) at 7.5 percent in deterrence to the proposed gradual increase to 12.5 percent through 2026, 2027, 2028, and 2029, and to be raised to 15 percent by 2030.