By our reporter
The Nigerian Senate on Thursday passed for second reading four vital tax reform bills which seek to streamline tax processes and set up key tax institutions.
The bills include proposals to establish the Joint Revenue Board, Tax Appeal Tribunal, and Tax Ombudsman Office, along with reforms to the Federal Inland Revenue Service (FIRS).
The bills had earlier been presented for consideration today.
The bills had stirred controversy with northern stakeholders and governors kicking against them.
The proposed legislation includes the Nigeria Tax Bill 2024, designed to establish a fiscal framework for taxation, and the Tax Administration Bill, which aims to clarify and simplify the legal framework for taxes, thus reducing potential disputes.
After a debate, Senate President Senator Godswill Akpabio referred the bills to the Committee on Finance, led by Senator Sani Musa (Niger East) for more legislative action.
The committee will report back in six weeks’ time.
The lead debate on the bills was presented by Senate Leader, Bamidele Opeyemi (Ekiti Central).
The bills also seek governance focus on improving the coordination and settlement of disputes arising from revenue administration.
In his remarks, Senator Akpabio disclosed that an imminent public hearing on the bills would involve experts, Governors from the Nigeria Governors Forum (NGF), traditional rulers, and other stakeholders.
According to him, ultimately, the Senate will deliver what is best for the Nigerian people and the country.
Last September, President Bola Tinubu transmitted the four tax reform bills to the National Assembly, in the wake of recommendations from the Taiwo Oyedele-led Presidential Committee on Fiscal and Tax Reforms, with the bills seeking to review and update existing tax laws.
One of the bills, the Nigeria Revenue Service Establishment Bill seeks to replace the Federal Inland Revenue Service Act with the creation of the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill proposes the formation of a tax tribunal and a tax ombudsman.
