Senate Set To Pass Tax Reform Bills Today

The Senate is poised to pass the controversial tax reform bills forwarded by President Bola Tinubu to the National Assembly, with the approval expected today, Tuesday.

Two prominent senators, who requested anonymity due to restrictions on commenting, confirmed to Punch that the tax bills would be passed today.

One source explained, “This should have been done last week had the Rivers State of emergency issue not come up. But certainly, the four bills will be approved tomorrow.”

Naija News reports that this imminent action in the Senate follows the approval of the same four tax reform bills by the House of Representatives just two weeks ago.

The bills in question include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. These bills underwent a clause-by-clause review at the Committee of the Whole before being passed by the House.

Some key amendments to the bills include the retention of the Value Added Tax (VAT) rate at the current 7.5 percent, instead of a proposed staggered increase.

The bills also propose extending income tax exemptions to certain agricultural businesses and military officers, a move designed to stimulate growth in these sectors.

Once the Senate passes the bills, as expected, they will be forwarded to President Tinubu for signing into law, marking a crucial step in the government’s tax reform efforts.