The Senate, in a decisive move to modernize Nigeria's tax system, has passed four key tax reform bills for a second reading during its plenary session on Thursday, November 28. The bills were subsequently referred to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), for further legislative work and are expected to be reported back in six weeks.
The lead debate was presented by Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), who emphasized the bills' significance in harmonizing revenue administration and resolving disputes within Nigeria's taxation framework.
The reform package includes:
The Joint Revenue Board Bill (SB. 583): Establishes the Joint Revenue Board, Tax Appeal Tribunal, and Office of the Tax Ombud to streamline revenue dispute resolution.
The Nigeria Revenue Service (Establishment) Bill (SB. 584): Repeals the Federal Inland Revenue Service Act to create the Nigeria Revenue Service, aimed at improving revenue assessment, collection, and accountability.
The Revenue Administration and Collection Bill (SB. 585): Proposes uniform revenue management practices across federal, state, and local governments.
The Nigeria Tax Act Bill (SB. 586): Consolidates existing tax laws to enhance clarity and efficiency in taxing income, transactions, and instruments.
Senate President Godswill Akpabio, following the debate, described the bills as a critical milestone in advancing the country’s economic structure. The Senate’s focus on these reforms reflects a commitment to enhancing transparency, fostering economic growth, and ensuring effective tax administration.
The Committee’s findings and recommendations are anticipated to guide the next legislative steps in achieving comprehensive tax reform.
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