Abuja, March 13, 2025 – The House of Representatives has approved the report of the House Committee on Finance on the Tax Reform Bills.
Tajudeen Abbas, the Speaker, announced the decision on Thursday after a meeting of the Committee of the Whole House.
He commended the House Committee on Finance for a work well done, adding that its report reflected minds of Nigerian.
James Faleke, the Chairman of the Finance Committee, while presenting the report, said all contentious areas of the bills were considered by the committee during a six-day retreat and resolved.
Faleke also listed some of the recommendations of the committee to include the retainance of VAT at 7.5%.
That further consultations with relevant agencies and institutions to arrive at an equitable VAT sharing formula.
Nigeria Revenue Service Bill Recommendation for one representative from the 36 states in the Board of the Service.
That power to distrain conferred on the Service to be subject to a valid court order.
Creation of a Tribunal Fund into which 2% of non-oil revenue will be paid to guarantee uninterrupted and adequate funding.
Restriction of the President’s powers to exempt/waive tax payments by introducing an annual limit for such exemptions and waivers among others.
