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Saturday, December 7, 2024

Controversial Tax Reform Bills passed for second reading

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The Nigerian Senate has advanced four significant tax reform bills through their second reading, aiming to modernize the nation’s tax framework and create new regulatory bodies.

The bills, introduced on Thursday, are intended to simplify tax administration and establish institutions such as the Joint Revenue Board, the Tax Appeal Tribunal, and the Tax Ombudsman Office, along with updates to the Federal Inland Revenue Service (FIRS).

These proposals also aim to enhance dispute resolution mechanisms in revenue management.

Senator Opeyemi Bamidele, the Senate Leader (APC, Ekiti Central), led the discussion on the reforms.

However, the bills have faced resistance from northern stakeholders and governors, sparking controversy.

Following deliberations, Senate President Godswill Akpabio referred the legislation to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), for further examination.

The committee is expected to present its findings within six weeks.

During the session, Senator Akpabio emphasized the importance of engaging various stakeholders, including governors, traditional leaders, experts, and representatives from the Nigeria Governors Forum (NGF), at the upcoming public hearing.

He stressed that the Senate’s goal is to enact laws that serve the best interests of Nigerians.

These bills were initially submitted to the National Assembly in September by President Bola Tinubu, based on recommendations from the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele.

The proposals aim to overhaul and update Nigeria’s tax laws.

Key components include the Nigeria Tax Bill 2024, which seeks to establish a unified taxation framework, and the Tax Administration Bill, designed to simplify legal procedures and minimize conflicts.

Additionally, the Nigeria Revenue Service Establishment Bill proposes replacing the FIRS Act with a new Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill calls for creating a tax tribunal and a tax ombudsman to improve oversight and accountability.

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