Almost seven months after they were tabled, the Senate yesterday completed the passage of the four Tax Reform Bills.
That action opens the way for a comprehensive review of the nation’s tax laws – the first since the colonial era, reports The Nation.
The Bills will radically transform the tax system, widen the tax net and bring in more revenue in a streamlined manner into government coffers.
It would also make it difficult for taxes to be dogged.
The House of Representatives passed the bills on March 18.
Yesterday, the Senate raised a 15-man conference panel that will hold meetings with the House of Representatives to harmonise the differences in the Bills as passed by the two chambers.
After the harmonisation, a clean copy of the Bills will be presented for presidential assent.
Members of the panel are: Senators Abba Moro, Abdulaziz Yari, Enyinnaya Abaribe, Yahaya Abdullahi, Sani Musa, Adetokunbo Abiru, Joel-Onowakpo Thomas, Asuquo Ekpenyong, Jim Kuta, Gbenga Daniel, Osita Izunaso, Solomon Adeola, Adams Oshiomhole, Babangida Uba, and Mohammed Tahir Monguno.
The bills are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
During the clause-by-clause consideration in the rundown to passage, the Senate deleted contentious and ambiguous clauses in the Bills.
Senate President Godswill Akpabio, who presided over plenary, lauded the lawmakers for their sacrifice in ensuring that the tax system in Nigeria meets international standard.
“These four executive bills seek to transform and modernise the tax system in Nigeria,” Akpabio said.
Speaking to reporters after the plenary, the Chairman of the Senate Committee on Finance, Senator Sani Musa explained that his panel did its best to ensure the taxation system meets international standard.
He said: “What we did was to look at the tax bills and do the needful.
“President Tinubu brought the tax reform bills to see how his government could bring economic development.
“We underwent a public hearing and had a retreat with 76 organisations.
“Religious leaders and other relevant stakeholders were also in attendance. We also agreed that the Nigerian Revenue Service will need at least six directors.”
Musa said the senators recommended that the President needs to appoint a chairman and create an ombudsman to arbitrate and adjudicate on tax-related matters.
He harped on the need for the establishment of a tax tribunal, which he said cannot be overemphasised.
“It is not a court of record. We have looked at the issue of VAT, collection of taxes, development levy and inheritance tax which had been expunged.
“I believe Nigerians will see something nice from this. We also commend the president for giving a level-playing field to all,” he said.
