On Thursday, November 28, the Senate approved the second reading of four tax reform bills introduced by the federal government.
The decision came after a plenary session in which the general principles of the bills were discussed.
Senator Opeyemi Bamidele, the Senate leader, sponsored the proposed legislation.
The four tax reform 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 harmonization, coordination, and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024.
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“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.”
Following the second reading of the bills, Senate President Senator Godswill Akpabio referred them to the Senate Committee on Finance for further review and directed the committee to report back to the Senate in six weeks.
