Tax reform bills pass second reading at Senate

The Senate has passed the four tax reform bills sent to the red chamber by President Bola Tinubu for second reading through voice votes.

The Senate passed the tax reform bills during plenary in Abuja on Thursday, November 28, 2024.

The lawmakers also passed through second reading a Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud as part of Tinubu’s comprehensive tax reform package.

The four bills were transmitted to the Senate and House of Representatives by Tinubu on October 3 following the recommendations of the Taiwo Oyedele-led Tax Reforms Committee.

The move generated controversy with the Northern governors kicking against the tax reforms.

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Reacting to the condemnations, the Presidency said the bills were not targeted at the North or other regions of the country but to develop the nation.

The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

Others include the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service (FIRS) Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.

Tinubu further stated that the bills would strengthen Nigeria’s fiscal institutions and align with his administration’s broader development goals.

The Star