March 13, 2025
By Adedoja Adesoji
The House of Representatives has given its nod to President Bola Tinubu’s tax reform bills.
The bill include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
The approval came after a thorough consideration of all relevant amendments on the bills at the Committee of the Whole.
Some notable amendments include the retention of the Value Added Tax (VAT) rate at 7.5%, instead of a staggered increase, and the extension of income tax exemptions to specific agricultural businesses and military officers.
Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), assured Nigerians that the tax reform bills will produce widely acceptable laws.
“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.
Faleke thanked fellow lawmakers and Nigerians who engaged with the bills, assuring them that the resulting laws will be acceptable to all.
He also commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.
“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.
The House of Representatives is expected to pass the tax bills next week, following the adoption of the report on the tax bills.
The Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), noted that no bill in the 10th Assembly had generated as much debate as the tax reform bills.
