The House of Representatives has announced the postponement of its much-anticipated special session on the Tax Reform Bills, originally scheduled for Tuesday, December 3, 2024.
The Clerk of the House, Yahaya Danzaria, disclosed the change in a memo issued on Saturday, stating that a new date for the session would be announced soon. The decision to reschedule was attributed to the need for broader consultations with relevant stakeholders.
Overview of the Tax Reform Bills
The session was set to deliberate on four critical tax reform bills sent to the National Assembly, each designed to reshape the country’s taxation landscape:
- Nigeria Tax Bill 2024: This bill aims to establish a comprehensive fiscal framework for taxation in Nigeria.
- Tax Administration Bill: This legislation is expected to provide a unified legal framework for managing all taxes in the country and minimize disputes between tax authorities and taxpayers.
- Nigeria Revenue Service Establishment Bill: This bill seeks to repeal the Federal Inland Revenue Service (FIRS) Act and create the Nigeria Revenue Service, a restructured body to oversee tax collection and management.
- Joint Revenue Board Establishment Bill: This bill proposes the establishment of a tax tribunal and a tax ombudsman to handle tax disputes and ensure fairness in the tax administration process.
Official Statement
The memo from the Clerk of the House read:
“I am directed by the House Leadership to inform all Honourable Members that the Special Session, initially scheduled for Tuesday, 3rd December, 2024, to discuss all the Tax Reform Bills, has been postponed to a later date.
“This rescheduling is due to the need for further and broader consultations with all relevant stakeholders.
“A new date and venue for the session will be communicated in due course. We regret any inconvenience this may cause and appreciate your understanding.”
Significance of the Postponement
The delay highlights the importance of ensuring inclusive consultations in legislative processes, particularly for bills with far-reaching implications such as tax reforms. The proposed bills aim to streamline tax administration, enhance transparency, and improve revenue generation in Nigeria, all of which are critical to addressing the country’s fiscal challenges.
Stakeholders, including business leaders, tax professionals, and civil society organizations, are expected to provide input to ensure the bills balance government revenue needs with economic growth and fairness to taxpayers.
While the postponement may cause temporary disruptions to the legislative calendar, it underscores the House’s commitment to a thorough and consultative approach in shaping the future of Nigeria’s tax system. Lawmakers and stakeholders alike will await the announcement of a new date for what promises to be a pivotal session in the country’s fiscal reforms.
