The House of Representatives has adopted the report of its committee on finance regarding the tax reform bills, following five months of negotiations and a three-day public hearing.
Several amendments were made, including retaining the value-added tax (VAT) at 7.5%, redefining inheritance tax, and adjusting the distribution of VAT.
The House also approved the exemption of military personnel from personal income tax.
The Speaker of the House, Tajudeen Abbas, expressed satisfaction with the widespread approval of the report, noting that all 36 states and the Federal Capital Territory were represented in the discussions.
James Faleke, the Chairman of the House Committee on Finance, highlighted the extensive public hearings and consultations with over 80 stakeholders.
This adoption comes after President Bola Tinubu urged the National Assembly to pass the tax reform bills in 2024, insisting that these reforms are crucial for Nigeria’s progress, despite some opposition from different sections of the country. The bills now move closer to final approval.
News edited by Peace Araga