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.
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 harmonization, 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.
