{"id":3516,"date":"2024-11-28T16:02:57","date_gmt":"2024-11-28T16:02:57","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=3516"},"modified":"2024-11-28T16:59:17","modified_gmt":"2024-11-28T16:59:17","slug":"senate-passed-tinubus-tax-reform-bill","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/11\/28\/senate-passed-tinubus-tax-reform-bill\/","title":{"rendered":"Senate passes Tinubu’s Tax Reform Bill for second reading"},"content":{"rendered":"

\"\"<\/p>\n

By Publisher<\/p>\n

Kindly share:<\/p>\n

The Senate on Thursday passed President Bola Tinubu’s controversial Tax Reform Bills for second reading after a closed-door session.<\/div>\n
<\/div>\n
The bills, which were presented by Opeyemi Bamidele, the Senate Leader, would overhaul Nigeria\u2019s tax system.<\/div>\n
<\/div>\n
The Bills are: \u2018A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombudsman, for the harmonisation, coordination and settlement of disputes arising from revenue administration in Nigeria and for other related matters, 2024.<\/p>\n

\u2018A 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 accrual to the Government of the Federation, and for related Matters, 2024.<\/p>\n

\u2018A Bill for an Act to Provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States and Local Government; prescribe the powers and funtions of tax authorities, and for related matters, 2024.<\/p>\n

\u2018A Bill for an Act to Repeal certain Acts on taxation and consolidate the l;egal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions and instruments, and for related matters.’<\/p><\/div>\n

<\/div>\n
The bills comprise 43 clauses and six parts and aim to stimulate revenue generation, simplify compliance, and support business growth.<\/div>\n
<\/div>\n
Furthermore, they propose a reduction in corporate tax from 30 per cent to 25 per cent and are\u00a0expected to protect small businesses and exempt the poor from tax payments.<\/div>\n
<\/div>\n
However, the bills were strongly opposed by some northern senators.<\/div>\n
<\/div>\n
For instance, Senator Ali Ndume opposed the bill the bill, giving insufficient consultations, issues with the Value Added Tax (VAT), and derivation as reasons.<\/div>\n
<\/div>\n
\n

According to him, it would require constitutional amendment for some of the proposals in the bill to take effect.<\/p>\n

“There is the issue of derivation because the Constitution has to be amended for some of the proposals of the Bill to be affected. This bill should be withdrawn. We work on it and submit it back after getting the buy-in of the Governors, National Executive Council and the Traditional Rulers,\u201d he argued.<\/p>\n

Nevertheless, Senators Seraike Dickson and the Chairman Senate Committee on Finance supported the bills.<\/p>\n<\/div>\n

<\/div>\n
Godswill Akpabio, the Senate President, ruled in favour of the lawmakers in support of the bills and passed them for second reading.<\/div>\n
The Senate also directed its Finance Committee to, within two weeks, hold a public hearing on the proposed bill to enable opening the floor for stakeholders express concerns about the bills.<\/div>\n","protected":false},"excerpt":{"rendered":"

By Publisher Kindly share: The Senate on Thursday passed President Bola Tinubu’s controversial Tax Reform Bills for second reading after…<\/p>\n","protected":false},"author":1,"featured_media":3517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,294,2,3],"tags":[486,916],"class_list":["post-3516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-entertainment-showbiz","category-news","category-politics","tag-nigerian-senate","tag-tax-reform-bills"],"yoast_head":"\nSenate passes Tinubu's Tax Reform Bill for second reading - Panorama News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panoramanews.com.ng\/index.php\/2024\/11\/28\/senate-passed-tinubus-tax-reform-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate passes Tinubu's Tax Reform Bill for second reading - 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