Senate Passes Tax Reform Bills For Second Reading

'Seun Ibukun-Oni, Abuja 

DAILY COURIER – Despite opposition against the tax reform bills, the Senate, on Thursday, passed the four bills for second reading.

This follows the consideration of the general principles of the Bills moved during plenary by Senate leader, Opeyemi Bamidele.

President Bola Tinubu had on October 13, transmitted four tax reform bills to the National Assembly for consideration, following the recommendations of the Presidential Committee on Fiscal and Tax Reforms headed by Taiwo Oyedele, for the review of existing tax laws.

The four bills include: “A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombudsman for the harmonisation, coordination and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024.

“A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Act to Establish the Nigeria Revenue Service, charged with powers of assessment, collection of and accounting for revenue accruable to the Government of the Federation, and for related matters, 2024.

“A Bill for an Act to Provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States and Local Governments; prescribe the powers and functions of tax authorities and for related matters, 2024.

“A Bill for an Act to Repeal certain Acts on Taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions, and instruments and for related matters, 2024.”

Northern governors and other stakeholders have raised their voices against the tax bills.

On Wednesday, the Senate witnessed a rowdy session as some lawmakers including Senator Abdul Ningi (PDP, Bauchi Central) and Senator Ali Ndume (APC, Borno South), protested against a motion moved by Senate Leader, Opeyemi Bamidele to suspend its rules and proceedings to allow the Chairman Federal Inland Revenue Service (FIRS), Zaccheus Adedeji and the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele into the Red Chamber.

Bamidele said the “Tax experts and consultants as well as the Director-General of the Budget Office and the Chairman of the Federal Inland Revenue Tax, Zacchaeus Adedeji, were to attend the plenary to explain the Tax Reform Bills in detail to lawmakers.”

But amid opposition by Ndume on Thursday, the Senate, through a voice vote passed the bills through second reading.

Meanwhile, Senate President Godswill Akpabio has referred the bills to the Senate Committee on Finance for further legislative action and to report back to the Senate in six weeks.