House of Representatives Speaker, Tajudeen Abbas, has reiterated the legislative body’s commitment to considering proposals and recommendations from stakeholders on the four tax reform bills.
The bills, which include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill, aim to diversify Nigeria’s revenue base, promote equity, and foster an enabling environment for investment and innovation.
Abbas emphasized the importance of scrutinizing the bills thoroughly to ensure they align with the best interests of Nigerians and the nation at large. He acknowledged the widespread debate generated by the tax reform bills, describing it as healthy and necessary for consolidating democratic practices and culture.
The House Committee on Finance has organized a three-day public hearing to gather recommendations from stakeholders and identify areas requiring amendment, clarification, or improvement. Abbas stressed that taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens imposed on individuals and businesses.
The Tinubu administration’s tax reform program aims to improve Nigeria’s tax-to-GDP ratio by streamlining and broadening the tax base. However, Abbas cautioned that the reforms must be approached thoughtfully, considering their potential implications for every segment of society.
The public hearing provides an opportunity for stakeholders to make their inputs and recommendations, ensuring that the tax reform bills serve the best interests of Nigerians. As the House of Representatives continues to scrutinize the bills, it is essential to prioritize fairness, transparency, and accountability in the tax reform process