The House of Representatives, on Wednesday successfully passed the second reading of a bill aimed at creating the National Tax Crimes and Oversight Commission.
The house passed the bill after Rep. Benjamin Kalu, the bill’s lead sponsor, outlined its main objectives during the plenary session.
Accompanied by eight other lawmakers, Kalu argued for the bill, highlighting its purpose to enhance the oversight of tax authorities within the nation.
Rep. Nweke Uche (PDP-Rivers) another co-sponsor of the bill, emphasized that the establishment of this proposed commission would tackle inconsistencies in tax assessment, reporting, and remittances.
- He stated, ‘’It will address revenue leakages emanating from non-payment and under-payment of taxes,’’
- “If we put our tax system properly, Nigeria will do well, it will not duplicate the functions of Federal Inland Revenue (FIRS),”
Objectives of the bill
He stated that the primary goal was to thwart tax-related offences and seal any gaps within the nation’s tax administration framework.
The lawmaker noted that the commission would play a crucial role in safeguarding the rights of taxpayers across the country.
Hon. Uche also mentioned that the establishment of this commission is expected to boost revenue through a broader tax collection network within the nation.
The presiding speaker of the plenary session, Hon. Benjamin Kalu further referred the bill to the House Committee on Finance for further legislative actions.
What you should know
- Nigeria has sought to significantly increase its revenue collection in the past few years with the target of an 18% revenue-to-GDP ratio from its current 10%.
- In July, President Tinubu named Mr. Taiwo Oyedele as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which included members from the public and private sectors, as well as representatives from civil society organizations and student bodies. The goal of the committee as the President stated is to tax the fruit not seeds.
- By October, the Committee had delivered its Quick-win report, which President Tinubu has directed to be implemented throughout various Ministries, Departments, and Agencies (MDAs).
- The Chairman of the committee had earlier stated that some of the tax reforms they plan to introduce would require amendment of existing laws by the National Assembly.
