The Senate voted by voice Thursday to pass the four tax reform bills sent to it on October 3 by President Bola Tinubu.
Debate on the tax bills has been robust with northern governors and other stakeholders kicking against the it fearing that it would negate development in their region.
During the Senate session the lawmakers deliberated 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.
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.
