The Nigerian Senate has taken a significant step towards reforming the country’s tax system by passing four key tax reform bills for their second reading. The bills, presented for consideration on Thursday, aim to streamline tax processes and establish key tax institutions.
The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These bills intend to review and update existing tax laws, establish a fiscal framework for taxation, and clarify and simplify the legal framework for taxes.
However, the bills have been met with controversy, particularly from northern stakeholders and governors who have kicked against the tax bills. Despite this, the Senate has referred the bills to the Committee on Finance, led by Senator Sani Musa, for further legislative action.
Senate President Senator Godswill Akpabio has assured that the upcoming public hearing will involve experts, governors, traditional rulers, and other relevant stakeholders. The Senate aims to deliver what is best for the Nigerian people and the country.
The passage of these bills marks a significant step towards reforming Nigeria’s tax system. However, it remains to be seen how the controversy surrounding the bills will be addressed.
