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Tax Reform Bills Move Forward in the Senate

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KEY POINTS


  • Tax Reform Bills have been resolved and are set to pass Senate.
  • The bills are to modernise Nigeria’s tax legislation and enhance revenue gathering.
  • Nigerians will get a chance to contribute before final passage in public hearings.

Tax Reform Bills before the Senate and the House of Representatives have made substantial progress in their consultations with federal agencies and stakeholders and are on track for approval.

After a meeting with Mohammed Bello Shehu, RMAFC Chairman; Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji; Revenue Mobilization Allocation and Fiscal Commission (RMAFC) Chairman; Presidential Fiscal Policy and Tax Reforms Committee (PFFTRC) Chair Taiwo Oyedele; Attorney General of the Federation Lateef Fagbemi (SAN); Moro spoke.

FIRS Chairman Zacch Adedeji also confirmed that all the perceived grey areas were clarified at the meeting. “All of our problems we found, we clarified and we solved them.”

Key highlights of tax reform bills

On 3 October 2024, four tax reform bills were transmitted to the National Assembly by President Bola Tinubu at the recommendation of the Presidential Committee on Fiscal and Tax Reforms, headed by Taiwo Oyedele. The bills seek to update Nigeria’s tax structure and to rectify inefficiencies.

The proposed bills include:
1. Nigeria Tax Bill 2024: Sets a tax framework for the whole country.
2. Tax Administration Bill: It offers a legal basis for taxes management and disputes reduction.
3. Nigeria Revenue Service Establishment Bill: It replaces the Federal Inland Revenue Service Act and provides a new revenue authority.                                                         4. Joint Revenue Board Establishment Bill: It establishes a tax tribunal and an ombudsman to settle disputes, and improve transparency.

These reforms are aimed to increase administrative efficiency of tax administration, clarity of the tax laws and improve revenue collection.

Legislative milestones and steps beyond

Following the time when President Tinubu wants Legislative processes to continue, the Tax Reform Bills passed second reading in the Senate on November 28, 2024. Before final passage, Nigerians will have an opportunity at public hearings to make input.

Unanimous agreement by lawmakers, government agencies and stakeholders on the bills means they will quickly pass, marking a huge step toward modernizing Nigeria’s tax system.

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