NASS plots passage of Harmonised Tax Reform Bills

The National Assembly has indicated plans to pass the harmonised tax reform bills by Tuesday following the conclusion of a comprehensive review of contentious clauses within the proposed legislation.

This was disclosed by the Chairman of the House Committee on Finance, James Faleke, through his official X handle on Sunday.

Faleke, who heads the House delegation in the bills harmonisation process, announced that the conference committee jointly formed by the Senate and the House had finalised its work.

He wrote, “The Conference Committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work. The joint committees thoroughly reviewed all sections and addressed the grey areas of the four Bills, examining each clause strategically and resolving contentious issues.

“After an intensive deliberation that stretched through Thursday night, all day Friday, and into the early hours of Saturday, I am pleased to report that the Bills are now ready for presentation to both the House and the Senate for final passage.”

Faleke extended his appreciation to the Senate’s Conference Committee, led by Senator Sani Musa, Chairman of the Senate Committee on Finance, as well as members of the House Committee for their dedication in seeing the process through.

News360 Nigeria had earlier reported that the four executive tax bills were forwarded about two weeks ago to a harmonisation committee comprising lawmakers from both chambers, to reconcile their amendments before transmitting the final versions to President Bola Tinubu for assent.

After confirming the passage of the bills through a majority voice vote, Senate President Godswill Akpabio commended his colleagues for their commitment, stating, “These four executive bills seek to transform and modernise the tax system in Nigeria.”

The announcement came less than 24 hours after the Senate passed two of the bills and shifted deliberations on the remaining ones to Thursday.

Speaking to reporters after the plenary, Senator Sani Musa, who chaired the ad hoc committee on the tax reform bills, said efforts were made to ensure Nigeria’s taxation system aligns with international standards.

He revealed that a portion of the anticipated tax revenue would be channelled towards combating cybercrime, upgrading defence infrastructure, supporting TETFund, and aiding military operations in restoring national peace and security.

Musa further recommended the creation of an ombudsman to handle tax-related disputes and emphasised the need for a tax tribunal to adjudicate on such matters. “It is not a court of record. We reviewed issues surrounding VAT, tax collections, development levies, and inheritance tax, which has now been removed,” he said.

Expressing optimism, the lawmaker remarked, “I believe Nigerians will see something good from this. We also commend the President for ensuring a level playing field for all stakeholders.”