The Senate on Thursday passed the four tax bills for second reading through voice votes.
President Tinubu Bola transmitted the four tax reform bills to the National Assembly for consideration on October 3.
The move generated controversy with the Northern governors and other stakeholders kicking against the tax reforms. Worried by the situation, the Presidency explained that the bills were not targeted at any particular region but to develop the country.
The Senate 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 proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.
The session saw lawmakers deliberating on the general principles of the tax reform bills. Earlier, the Senate had gone into a 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.
President Tinubu Bola transmitted the four tax reform bills to the National Assembly for consideration on October 3.
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 others are; 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.
The president stated that the bills would strengthen Nigeria’s fiscal institutions and align with his administration’s broader development goals.
