house of representatives

The House of Representatives has approved recommendations from its Finance Committee’s report on the Tax Reform Bills, following a clause-by-clause review. These reforms were initiated by President Bola Tinubu and aimed at overhauling Nigeria’s tax framework. Amendments were made at plenary to address concerns raised by stakeholders, including the Nigerian Governors Forum, Trade Union Congress (TUC), Arewa Consultative Forum, Supreme Council for Sharia in Nigeria (SCIN), and the League of Northern Democrats. President Tinubu had, on October 3, 2024, requested the National Assembly to pass several bills: the Nigeria Tax Bill, Tax Administration Bill, Joint Revenue Board Establishment Bill, and Nigeria Revenue Service Bill. The amendments addressed contentious areas such as: Key Changes Include: Repeals and Amendments:Once passed into law, these bills will repeal several existing tax-related laws, including: The following laws will be amended: Additionally, the Value Added Tax (Modification) Order (2021) will be revoked. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.