Just In: Tinubu’s Tax Reform Bills Pass Second Reading At Senate

The 10th senate led by Godswill Akpabio, has passed four tax reform bills proposed by President Bola Tinubu for second reading.

Naija News gathered that the bills passed second reading after the majority leader of the senate, Opeyemi Bamidele, led a debate on them on Thursday.

The four tax bills sent to the National Assembly include 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 legal framework for all taxes in the country and reduce disputes.

Others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service; and the Joint Revenue Board Establishment Bill which will create a tax tribunal and a tax ombudsman.

Bamidele during the debate said the bills would simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.

He said,“It will eliminate double taxation. In the area of tax exemption of the salaries below the minimum wage.

“It is proposed that the state governments share 55 percent of VAT from 15 percent. There is a reasonable effort to establish core tax statutes in the bill.”

The lawmaker representing Bayelsa west, Seriake Dickson, said the discovery of oil in Nigeria did not allow the country have a good taxation system as a means of revenue.

He said, “I am aware that some issues have been raised and that is legitimate.

“There is nothing wrong in saying that phone calls are made in Sokoto are calculated are paid to those states. We should ensure that this is transparent.”

Also speaking, Ali Ndume, senator representing Borno south, said the bills should be stood down for further legislative work.

He said, “Reforms are necessary if we have to move forward. My problem is number one is timing. Number two, the issue of derivation and VAT.”

“The constitution has to be amended for some of these provisions to be effected.”

Countering Ndume’s position, Tahir Monguno, chief whip, said the bills should not be withdrawn and that changes could be made during the public hearing on them.

He said, “These bills will reduce the tax burden on Nigerians.”

The bill were passed after Senate President Godswill Akpabio put them to a vote.

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