The Senate, on Thursday, November 28, progressed with four significant tax reform bills initiated by President Bola Tinubu, passing them through the second reading stage.
Leading the debate, Senate Majority Leader Opeyemi Bamidele highlighted the objectives and provisions of the proposed legislation. The bills include:
1. Joint Revenue Board Bill (SB. 583):
Seeks to establish the Joint Revenue Board, Tax Appeal Tribunal, and Tax Ombud’s Office to enhance revenue administration, dispute resolution, and harmonization across Nigeria.
2.Nigeria Revenue Service Bill (SB. 584)
Aims to replace the Federal Inland Revenue Service Act of 2007 by creating the Nigeria Revenue Service to oversee revenue assessment, collection, and management for the federal government.
3.Tax Authority Functions Bill (SB. 585):
Focuses on defining tax authorities’ roles in revenue collection and distribution across federal, state, and local levels.
4. Nigeria Tax Act Bill (SB. 586)
Proposes repealing outdated tax laws, consolidating existing frameworks, and introducing a unified act to govern income, transaction, and instrument taxation.
The Senate’s approval of these bills for further review marks a key step in overhauling Nigeria’s tax system.
