By Newscount
In a landmark achievement, the House of Representatives has passed four pivotal tax reform bills, paving the way for sustainable economic growth, job creation, and relief for Nigerian citizens. Hon. Uchenna Harris Okonkwo, the lawmaker representing Idemili North and South Federal Constituency, hailed the legislation as a major victory for participatory democracy.
Speaking on Thursday last week, Rep. Okonkwo emphasized that the four bills – the Nigerian Tax Bill, Tax Administrative Bill, Revenue Tax Bill, and Nigerian Revenue Service Establishment Bill – underwent rigorous review and reflect the input of citizens and stakeholders. These reforms prioritize the needs of Nigerians, easing burdens on key sectors and ensuring fairness.
The Value Added Tax (VAT) remains at 7.5%, avoiding increases that could strain households and businesses. Income tax exemptions have been extended to agricultural enterprises and active military personnel, boosting food security and national security efforts. Furthermore, the Nigerian Revenue Service Establishment Bill aims to modernize tax collection, reducing bureaucracy and improving efficiency.
Rep. Okonkwo praised his colleagues for their collaboration and thanked Nigerians for their engagement throughout the legislative process.
“With these reforms, Nigeria is poised for economic growth, job creation, and a stronger foundation for its economy”. He further stated.
According to Hon. Okonkwo, “These reforms will create jobs, incentivize critical sectors, and lay a stronger foundation for our economy.”
