Reps set to consider four tax reform bills

Members of the House of Representatives are set to commence the consideration of the recommendations of the Committee on Finance on the four tax reform bills transmitted to the National Assembly.

The first bill seeks to provide for the assessment, collection of, and accounting for revenue accruing to the federation, federal, states and local governments; prescribe the powers and functions of tax authorities, and for related matters.

The second bill seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Bill to establish Nigeria Revenue Service, charged with powers of assessment, collection of, and accounting for revenue accruable to the Government of the Federation and for related matters.

The third bill seeks to establish Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the harmonisation, coordination and settlement of disputes arising from revenue administration in Nigeria and for related matters.

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The fourth bill seeks to repeal Certain Acts on Taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions and instruments, and for related matters.

Details later…