The Senate has moved forward with the four tax reform bills presented by President Bola Tinubu, sending them to a second reading on Thursday.
After a lengthy debate, the bills were referred to the Finance Committee for further review, with a deadline of six weeks for a report.
Among the key proposals are the Nigeria Tax Bill 2024, aimed at restructuring the country’s tax framework, and the Tax Administration Bill, which seeks to resolve disputes and create a clearer legal structure for taxes.
Additionally, the Nigeria Revenue Service Establishment Bill intends to replace the Federal Inland Revenue Service Act, while the Joint Revenue Board Establishment Bill would establish a tax tribunal and ombudsman.
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Several lawmakers, including Senators Sani Musa and Seriake Dickson, expressed support for the bills, emphasizing the benefits to small businesses and the potential to reduce taxes.
In contrast, Senator Ali Ndume raised concerns about the timing of the reforms and issues related to derivation and VAT.
The bills were further explained to lawmakers by President Tinubu’s economic team during the plenary session.
Despite some opposition, the Senate voted in favor of advancing the bills to the next stage.
