Senate Passes Controversial Tax Reform Bills For Second Reading

Senate Passes Controversial Tax Reform Bills For Second Reading
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The Senate on Thursday passed the four controversial tax bills for second reading through voice votes.

Didactic Information Hut recalls that President Tinubu Bola had on October 3 transmitted the four tax reform bills to the National Assembly for consideration.

The North had vehemently criticized the tax reforms but the Presidency explained that the bills were not targeted at any particular region but to develop the country.

Despite a strong opposition to the bill by APC Lawmaker, Ali Ndume from Borno State, the Senate pushed the bills through second reading. The bills included a Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud.

Proponents of the bills say the proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.

The lawmakers deliberated on the general principles of the tax reform bills. This followed an ealier closed-door session to discuss the four bills transmitted by President Tinubu on September 3, 2024, following the recommendations of the Taiwo Oyedele-led Tax Reforms Committee.

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; 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.

According to the president, the bills would strengthen Nigeria’s fiscal institutions and align with his administration’s broader development goals.

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