Senate approves two of Tinubu’s tax reform bills, rejects VAT increase
The Senate has made significant progress by passing two of President Bola Tinubu’s four proposed tax reform bills, including the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.
This advancement was achieved during a session on Wednesday, following an extensive review conducted by an ad hoc committee led by Senator Sani Musa from Niger East, formed to address various controversies surrounding the reforms.
During the deliberations in the Committee of the Whole, each clause of the bills was rigorously debated.
Senate President Godswill Akpabio announced the passage, stating, “These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria.” His optimism reflects the anticipated positive impact these reforms will have on enhancing the efficiency of tax collection and distribution.
Looking ahead, Akpabio reassured that the Senate is committed to finalizing the remaining two bills swiftly. “We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” he stated firmly.
In a related decision, the Senate rejected a proposal to increase the Value-Added Tax from its current rate of 7.5 percent, opting instead to maintain the existing level. The two remaining bills—focused on Nigeria’s tax administration and tax regulations—are scheduled for consideration on Thursday. All four tax reform bills were transmitted to the National Assembly in October 2024 and have already received approval from the House of Representatives, marking a crucial step towards reforming Nigeria’s tax framework.
Source: PUNCH
