The Senate on Thursday, November 28, passed for a second reading the proposed four tax reform bills by the federal government.
The resolution of the Senate followed its consideration of the general principles of the Bills during plenary.
The leader of the Senate, Senator Opeyemi Bamidele, sponsored the Bills.
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 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.”
After the second reading of the Bills, the President of the Senate, Senator Godswill Akpabio referred them to the Senate Committee on Finance for further legislative action and to report back to the Senate in six weeks.
