Tax Reform Bills pass second reading in Senate

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By Ayodele Ojo

On Thursday, November 28, the Senate passed four proposed tax reform bills for a second reading, following a plenary session where the general principles of the bills were reviewed and debated.

The bills, which were sponsored by Senate Leader, Senator Opeyemi Bamidele, aim to overhaul and streamline Nigeria’s revenue and taxation systems.

The four bills under consideration are:

1. A Bill to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman to harmonize, coordinate, and resolve disputes in Nigeria’s revenue administration (2024).

2. A Bill to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13 of 2007 and enact the Nigeria Revenue Service (Establishment) Act, which will create the Nigeria Revenue Service with powers for assessment, collection, and accountability of federal revenue (2024).

3. A Bill to Regulate the Assessment, Collection, and Accountability of Revenue Across the Federation, detailing the roles and functions of tax authorities at the federal, state, and local government levels (2024).

4. A Bill to Repeal and Consolidate Existing Tax Laws and enact the Nigeria Tax Act, which will provide a unified framework for the taxation of income, transactions, and instruments (2024).

Following the second reading, Senate President Senator Godswill Akpabio referred the bills to the Senate Committee on Finance for further review, with instructions to report back to the Senate within six weeks.