The House of Representatives has on Wednesday, at its plenary, passed through second reading, a Bill seeking to establish a National Tax Crimes and oversight Commission, to address revenue leakages in the payment of taxes in Nigeria.
The Bill, titled “A Bill for an Act to Establish the National Tax Crimes and Oversight Commission,” successfully passed its second reading.
Spearheaded by the Deputy Speaker of the House, Rt. Hon. Benjamin Okezie Kalu, along with support from eight other lawmakers, the proposed legislation seeks to create a specialized body tasked with overseeing tax matters and combating illicit practices contributing to revenue losses.
In presenting the bill’s general principles, Hon. Felix Uche Nweke, one of the co-sponsors, stated the urgent need to tackle irregularities in tax assessment, reporting, and remittances.
Nweke pointed out instances of collusion between tax authorities and citizens leading to underpayment, as well as tax evasion facilitated by both domestic and multinational entities.
He Further stated the detrimental impact of revenue diversion by unscrupulous tax officials, necessitating robust measures to safeguard public funds.
