FCT, Abuja – On Monday, November 18, Abbas Tajudeen, the speaker of the House of Representatives, said the green chamber is yet to disclose its position on the Tax Reform Bill the federal government led by President Bola Ahmed Tinubu submitted to the National Assembly.
He stated this in his opening remarks at the interactive session on Tax Reform Bills held at the National Assembly, Abuja, on Monday.
However, he said the House would perform its constitutional role of scrutinising the contents of the bills and making amendments where necessary.
Speaking further, Abbas said interaction on the bills would help the House navigate the complexities so that members may forward whatever observations or questions they have regarding the bills.
With Nigeriaâs tax-to-GDP ratio at just 6%, Abbas Tajudeen warned that the country must reform its tax system to achieve sustainable economic growth and reduce its dependence on external borrowing, Daily Trust reported.
Recall that governors of the 19 northern states aired their strong displeasure with the Tax Bill.
The governors particularly rejected the proposed shift to a Derivation-based Model for Value Added Tax (VAT) distribution, according to the Punch.
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In a related development, TimesNow.com.ng reported that the federal government proposed a tax payment option that enables individuals to pay their taxes in instalments.
The Nigeria Tax Bill 2024, which was recently submitted to the National Assembly for approval, contained this.
If approved, this means that everyone will have the option to pay their taxes before the filing deadline, either in full at once or in instalments.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
