The Senate approves two tax reform invoices

The Nigerian Senate approved two of the four tax reform invoices, which should revisit the tax laws of Nigeria.

Legislators approved the bills following the consideration and adoption of the recommendations of the president of the Senate Senator Sani Musa committee during the committee of the whole

The four key invoices are the joint invoice of the Revenue Committee (establishment), 2025, the invoice of the Nigeria Revenue Service (ESTABLISHMP), 2025, the invoice of the Tax Administration of Nigeria and the tax invoice of Nigeria.

But among the four, only the bill was approved to repeal the Federal Inland Revenue Service Act and issue the bill of the Nigeria Revenue Service (ESTABLishment), 2025

The second approved bill is the bill of the Tax Administration of Nigeria, which is an act that provides for the evaluation, collection and accounting for the revenue that accumulate to the Federation, to the federal states, to local governments.

“Prescribe the powers and functions of the tax authorities and for related issues”.

By presenting the report, Sani said that the invoices tried to reform the tax framework of Nigeria, strengthen institutions and improve responsibility and compliance.

Contributing, the vice -president of the Senate of Jibrin Barau congratulated the entire Senate and, in particular, the Finance Committee and the Elderly Committee for wisdom and leadership that was shown in the passage of bills.

“But the Senate, standing on its position as a higher assembly of the land, has decided to establish this committee, the Committee of the Elderly (Special Committee).

“Examine all those areas of dispute and listen to the opinions of religious leaders, regional organizations and other interested parties.”

In his observations President of the Senate, Godswill revealed that the remaining two invoices will be taken into consideration in the plenary on Thursday.

He praised the Commission for Finance and Senators for in -depth work.

“He also expressed gratitude to the group of” elderly senators “who collected and deliberated on areas of dispute in the tax invoice through the meetings and consultations with dissenting voices.

Akpabio expressed optimism that tax laws would have revolutionized and optimized the collection of taxes across the country.

He expressed satisfaction for the fact that the passage of bills has dissipated the items according to which the interests of a part of the country were to serve, adding that all the Nigerians will benefit from it.