The Senate has passed, for second reading, the four tax reform bills that were forwarded to it for consideration.
After scaling Second Reading during plenary on Thursday, Nov. 28, the President of the Senate, Senator Godswill Akpabio referred the four bills to the Senator Sani Musa, APC, Niger East led Committee on Finance to carry out other legislative action and report back in six weeks.
This followed a lead debate on the bills presented by Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central) and debated by senators during plenary.
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)."