Strong indications emerged on Monday in the Senate that a public hearing on the Tax Reform Bills will soon be held, paving the way for their passage for third reading. This development was disclosed by Senator Abba Moro, Chairman of the Ad-hoc Committee set up by the Senate in December 2024 to address contentious provisions in the proposed tax reform bills....Read Full Article >>➤
Speaking to journalists after a two-hour closed-door session with key government officials, including the Attorney General of the Federation, Lateef Fagbemi (SAN); Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji; Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele; and Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr Mohammed Bello Shehu, Senator Moro revealed that significant progress had been made.
“WI just had a meeting and an interface with the Attorney General of the Federation, the Chairman of RMAFC, the FIRS Chairman, and other officials. During the session, we evaluated the contentious aspects of the tax reform bills,” Moro said.
He added, “We have agreed to synthesise the entire process to ensure we deliver to Nigerians a law that serves the interests of all. When we meet again, we hope to finalise the process and share positive updates.”
FIRS chairman Zacch Adedeji also addressed journalists, confirming that all perceived grey areas in the proposed legislation had been resolved.
He expressed confidence that the Senate would pass the bills into law soon.
“All the issues you referred to as grey areas were discussed and resolved. Engagements have been positive, and there is no need for further meetings as all concerns have been clarified. Everyone agreed that Nigeria needs these laws as proposed,” he said.
He emphasized the collaborative efforts of stakeholders, noting, “We saw the law’s framework come together with input from the Attorney General, lawmakers, and other key operators. Everything went smoothly, and we are moving in the right direction.”
The Tax Reform Bills under consideration include the Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB) 2024, the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024.
These bills were passed for a second reading in the Senate on November 28, 2024. Once enacted, they are expected to overhaul the country’s tax framework, enhance revenue generation, and align fiscal policies with national development goals. ...Read Full Article >>➤
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