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Senate on Wednesday passed two of four tax reform bills.
MPs approve the bill after adopting recommendations from the Senate Committee on Finance, led by Senator Sani Musa.
The bill initiated by the President of the Tinubu Bola is expected to reform the Nigerian tax law.
The four main bills are – Bill on the Joint Revenue Council (Establishment), 2025; Nigerian Bill Revenue Service (Establishment), 2025; Nigerian Tax Administration Bill; and Nigerian tax bill.
However, only the Bill revoked the Inland Federal Revenue Service and imposed the Nigerian Revenue Service Bill (Establishment), 2025, was approved.
The second approved bill is the Nigerian Tax Administration Bill.
This includes the assessment, collection, and accounting for the income earned by the federal, state and local government.
Also read: Reps Committee Propose a Main Revision for Tax Reform Bills
It also determines the strength and function of the tax authority and other related matters.
In his presentation, Sani said that bills aim to reform the Nigerian tax framework, strengthen institutions, and improve accountability and compliance.
The Vice President of the Senate, Jibrin Barau, congratulated the Senate, the Financial Committee, and the Elder Committee for their leadership and wisdom in passing the bill.
Senate President, Godswill Akpabio, announced that the remaining two bills would be considered in Thursday.
He praised the Financial Committee and Senator for their comprehensive work.
Akpabio also thanked “Senator Elder” who discussed the field of quarrels through meetings and consultations.
The President of the Senate stated optimism that the tax law would revolutionize and optimize national tax collection.
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