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The Chairman of the House of Representatives Adhoc Committee on Tax Reform Bills, Hon. James Faleke, has assured Nigerians that the tax reform laws emerging from the proposed bills will be widely accepted and beneficial to all.
Speaking to journalists in Abuja after the committee’s consideration and adoption of its report on four tax reform bills, Faleke stated that the new laws would transform Nigeria’s tax system.
The consolidated bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill and the Nigerian Revenue Service Establishment Bill.
“These bills underwent three full days of public hearings, during which we received memoranda from over 80 critical stakeholders. After that, we held an eight-day retreat to thoroughly debate every clause in each bill,” Faleke said.
He expressed satisfaction that members of the House recognized the committee’s efforts and approved all its recommendations.
“We appreciate our members and all Nigerians who showed interest in these bills. We assure everyone that the resulting laws will be widely accepted and beneficial,” he added.
Faleke also commended the leadership of the House for entrusting the committee with the responsibility of reviewing the tax bills and acknowledged President Bola Tinubu’s commitment to tax reform. He emphasized the need to update Nigeria’s outdated tax laws, some of which date back to 1959, to better serve the nation’s economic needs.
He concluded, “Nigeria cannot continue to operate with archaic tax laws while striving to meet its revenue targets and economic growth ambitions.”
