Tax Reform: Senate Passes Four Tax Reform Bills for Second Reading, Moves to Public Hearings
The Nigerian Senate, on Thursday, passed four significant tax reform bills for a second reading during plenary. The bills, aimed at overhauling the country’s fiscal and tax frameworks, have now been referred to the Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), for further legislative scrutiny. The committee has been tasked to report back within six weeks.
The decision followed an intensive closed-door session that lasted from 11:55 am to 12:42 pm, after which Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), presented the lead debate on the general principles of the proposed legislation.
During his presentation, Senator Bamidele outlined the focus of the bills:
- Joint Revenue Board Establishment Bill (SB. 583): Seeks to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud to harmonize and coordinate revenue administration and dispute resolution in Nigeria.
- Nigeria Revenue Service (Establishment) Bill (SB. 584): Proposes repealing the Federal Inland Revenue Service Act (2007) and establishing the Nigeria Revenue Service for assessment, collection, and accountability of government revenue.
- Tax Administration Bill (SB. 585): Aims to provide a clear framework for assessing, collecting, and accounting for revenue across all tiers of government.
- Nigeria Tax Act Bill (SB. 586): Seeks to consolidate existing taxation laws, streamline the taxation of income, transactions, and instruments, and repeal outdated legislation.
Senate President Godswill Akpabio emphasized the importance of the bills, stating that public hearings would be conducted to gather expert opinions and input from key stakeholders, including the Nigeria Governors Forum (NGF), traditional rulers, and other interest groups.
“At the end of the process, the Senate will deliver tax reforms that align with the best interest of Nigerians and the nation,” Senator Akpabio assured.
The legislative effort aligns with President Bola Ahmed Tinubu’s September 3 transmission of the bills to the National Assembly. The bills were developed based on the recommendations of the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele, to modernize and consolidate Nigeria’s tax laws.
