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Reps approve tax reform bill
The House of Representatives on Thursday approved the Tax Reform Bill as a working document.
The Speaker of the House, Tajudeen Abbas, disclosed this shortly after the meeting of the Committee of the Whole in Abuja.
He said the lawmakers adopted the bill as a working document after deliberations on the clauses of the bill.
Abbas, who commended the House Committee on Finance for a good job, said the report was a reflection of Nigerians’ mind.
The speaker said: “All the 36 states, including the Federal Capital Territory have their representatives in the sub-committee.
“This is the first time such a report is getting hundred percent approvals by almost all members.”
READ ALSO: Reps committee proposes key revisions to tax reform bills
The Chairman of the House Committee on Finance, James Faleke, who presented the report at the plenary, said contentious areas were well taken care of.
He said the committee recommended that Value Added Tax (VAT) be based on consumption.
Faleke revealed that VAT would remain at 7.5 percent.
He pointed out that the committee recommended a repeal of the Federal Inland Revenue Service (FIRS) to establish the Nigeria Revenue Service.
He said the Nigeria Revenue Service would be saddled with the responsibility of collecting revenues for the Federal Government.
The chairman expressed optimism that the Nigeria Revenue Service would enhance seamless tax harmonisation and administration in the country.
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