The Senate, on Thursday, passed for a second reading four contentious tax reform bills submitted by President Bola Ahmed Tinubu......Read The Full Article>>.....Read The Full Article>>
This development came after Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), presented a lead debate on the bills, followed by contributions from senators during plenary.
The proposed legislation includes:
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1. A Bill to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman to harmonise, coordinate, and resolve disputes arising from revenue administration in Nigeria.
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2. A Bill to Repeal the Federal Inland Revenue Service (Establishment) Act, 2007, and Enact the Nigeria Revenue Service (Establishment) Act, creating a body responsible for the assessment, collection, and management of revenue for the federal government.
3. A Bill to Provide for the Assessment, Collection, and Accounting of Revenue across federal, state, and local governments, and to define the roles and powers of tax authorities.
4. A Bill to Repeal and Consolidate Existing Tax Laws, enacting the Nigeria Tax Act to address the taxation of income, transactions, and instruments.
Following the debates, the Senate President, Senator Godswill Akpabio, referred the bills to the Senate Committee on Finance for further scrutiny.
The committee is expected to report back within six weeks.
The bills have not been without controversy. On Wednesday, senior government officials appeared before the Senate to provide detailed justifications for the reforms.
However, the proposals have faced significant opposition, particularly from Northern governors, traditional rulers, and the Northern Elders Forum, who argue that the measures are not in the nation’s best interest.
The legislative process continues as the Senate Committee on Finance undertakes a deeper review of the proposed reforms, which aim to reshape Nigeria’s tax administration and revenue collection framework.
