The Senate has okayed, for second reading, the four tax reform bills that were forwarded to it for consideration.
After scaling Second Reading during plenary on Thursday, the President of the Senate, Senator Godswill Akpabio referred the four bills to the Senator Sani Musa, APC, Niger East led Committee on Finance.
The committee is expected to carry out other legislative action and report back in six weeks.
Prior to debate on the bills, the Senators had gone into a closed door session from 11.55am to 12.42pm.
The resolution of the Senate was sequel to presentation of the lead debate on the general principles of the bills by the Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central.
In his presentation, Bamidele said that they are “A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the harmonization, coordination and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024 (SB. 583).
“A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Act to Establish the Nigeria Revenue Service, charged with powers of assessment, collection of, and accounting for revenue accruable to the Government of the Federation, and for related matters, 2024 (SB. 584)
“A Bill for an Act to Provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States and Local Governments; prescribe the powers and functions of tax authorities, and for related matters, 2024 (SB. 585) –
“A Bill for an Act to Repeal certain Acts on taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions and instruments, and for related matters, 2024 (SB. 586).
In his remarks, the President of the Senate, Senator Akpabio said that during the public hearing, experts will be invited as well as Governors under the aegis of Nigeria Governors Forum, traditional rulers and other stakeholders, just as he said that at the end of the day, the Senate will give to Nigerians and the country what is good.
Recall that on September 3, President Tinubu transmitted four tax reform bills to the National Assembly for consideration, following the recommendations of the Presidential Committee on Fiscal and Tax Reforms headed by Taiwo Oyedele for the review of existing tax laws.
The bills 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 clear and concise 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.
Also recall that the same day, both the Senate and the House of Representatives embarked on the hurried recess, the National Economic Council, NEC, chaired by Vice President Kashim Shettima, resolved that the tax reform bills should be withdrawn from the National Assembly by President Tinubu for wider consultation.
But President Tinubu, on Thursday, October 31, responded to the request that the bills should be allowed to pass through the required legislative processes at both chambers which, according to him, will give concerned Nigerians the opportunity to get details on the bills and make their inputs, particularly at the stage of Public hearing.
