Senate passes two tax reform bills

The Senate Has Passed Two Out Of Four Major Tax Reform Bills Presented By President Bola Tinubu Yesterday, Marking A Significant Milestone In The Ongoing Overhaul Of The Nation’s Tax Administration Framework.

The Two Bills Include One Seeking To Repeal The Federal Inland Revenue Service (Establishment) Act And Another To Establish The Joint Revenue Board (Establishment) Bill 2025 Along With The Nigeria Revenue Service Bill 2025, Were Passed Following A Clause-By-Clause Consideration During The Committee Of The Whole House And Their Subsequent Third Reading On The Senate Floor.

 President Bola Ahmed Tinubu Had In October 2024 Transmitted The Four Tax Reform Bills To The National Assembly For Consideration And Passage But The Senate President, Godswill Akpabio, Expressed Optimism That The Reform Bills Would Not Only Enhance Governance But Also Revolutionise Tax Collection And Distribution Across The Country.  According To Akpabio, The Bills Will Add Immense Value To Governance And Transform How Taxes Are Collected And Shared In Nigeria, He Assured That The Remaining Two Bills Would Be Finalised Today (Thursday, May 8), Even If It Required Extended Sitting Hours