SENATE SET TO APPROVE TINUBU’S TAX REFORM BILLS TODAY

Adaramodu did not return calls or texts asking for explanation at the time this article was filed.

The four contentious tax reform legislation were enacted by the House of Representatives barely two weeks prior to the impending Senate action.

The Nigerian Revenue Service Establishment Bill, the Revenue Tax Board Bill, the Tax Administration Bill, and the Nigerian Tax Bill are among the bills.

This came after the Committee of the Whole reviewed all pertinent amendments clause by clause.

Among the noteworthy changes are the extended of income tax exemptions to some agricultural enterprises and military officials, as well as the maintenance of the Value Added Tax rate at the existing 7.5 percent rate rather than a phased increase.

The Senate held a two-day public hearing in the National Assembly two weeks ago to discuss the tax reform bills.

Key players from the country’s financial and economic sectors attended the hearing to debate and improve crucial fiscal policies.

Prominent members of the government and business community were present, including the Comptroller General of Customs, Adewale Adeniyi; members of the Federal Executive Council; the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari; the Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The same proposals were approved by the House of Representatives last week. The bills will then be sent to Tinubu for his signature into law after receiving Senate approval.