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Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

by Samson Elijah
4 months ago
in News
Reading Time: 3 mins read
Tax,Senate Passes 2 Remaining Tax Reform Bills,Recommends Tax Tribunal
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The Senate on Thursday passed the remaining two of President Bola Tinubu’s four tax reform bills, in a move widely hailed as a significant step toward modernising Nigeria’s fiscal system.

The Nigeria Tax Administration Bill and the Nigeria Tax Bill were passed after a detailed clause-by-clause consideration during plenary, with contentious provisions removed.

Senate President Godswill Akpabio announced the passage of the bills following a majority voice vote and commended lawmakers for their commitment to overhauling Nigeria’s tax structure.

“These four executive bills seek to transform and modernise the tax system in Nigeria,” Akpabio said.

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The passage came just 24 hours after the Senate had approved the first two bills – the Nigeria Revenue Service (Establishment) Bill and the Tax Administration Bill.

Akpabio also named members of the harmonisation committee tasked with reconciling the Senate’s amendments with those of the House of Representatives.

Members of the committee include Senators Abba Moro, Abdulaziz Yari, Enyinnaya Abaribe, Yahaya Abdullahi, Sani Musa, Adetokunbo Abiru, Joel-Thomas Onowakpo, Asuquo Ekpenyong, Jimi Kuta, Gbenga Daniel, Osita Izunaso, Solomon Adeola, Adams Oshiomhole, Babangida Uba, and Mohammed Monguno.

Speaking with journalists after plenary, Senator Sani Musa (Niger East) and Chairman of the Ad-Hoc Committee on Tax Reform Bills, noted that the reforms were designed to align Nigeria’s tax system with international best practices.

“What we did was examine the tax bills and make the necessary adjustments. President Tinubu introduced these bills to promote economic development. We held a public hearing and a retreat attended by 76 organisations, including religious leaders and key stakeholders,” he said.

Senator Musa also revealed that the restructured Nigerian Revenue Service would require at least six directors.
He added that the Senate recommended the appointment of a chairman by the president, as well as the establishment of a Tax Ombudsman to mediate and adjudicate on tax-related disputes.

Emphasising the importance of a Tax Tribunal, Musa said, “It is not a court of record, but it will aid in resolving tax issues. We also reviewed provisions concerning VAT, tax collection, the development levy, and expunged the inheritance tax.

“I believe Nigerians will benefit from these reforms. We also commend the president for ensuring a level playing field throughout the process.

“These bills are interconnected. Their objective is to streamline our tax operations and ensure we meet international standards, including targets set by the Organisation for Economic Co-operation and Development (OECD),” he said.

The senator also highlighted the need to improve Nigeria’s tax-to-GDP ratio, which currently lags behind that of countries like South Africa and Kenya.

One of the major reforms is the creation of a restructured Nigerian Revenue Service, to be headed by an Executive Vice-Chairman and overseen by a board guided by strong corporate governance principles.

Additionally, the reforms address the long-standing issue of Value Added Tax (VAT) distribution with the new formula seeing the Federal Government taking 10%, State Governments, 55% and Local Governments 35%.

He added that the Senate revised the Development Levy, reducing third-party allocation from 60% to 50%. The remaining 10% was reallocated to national priorities: “Student Loan Fund – 15%, “Cybersecurity – 5%, “Defence Infrastructure – 10%.”

Regarding Export Processing Zones (EPZs), the bills introduce a cap with companies operating in EPZs to be taxed if more than 25% of their output is sold domestically.

The reforms also promote the use of digital platforms and a single tax window to reduce leakages and improve revenue collection.

He noted that when when harmonised and signed into law, the bills will serve Nigeria for the next 50 years. “We’ve done our best with sincerity and patriotism. Time will tell if we did right.”

The lawmaker also disclosed that part of the tax proceeds would fund key sectors such as cybersecurity, defence infrastructure, the Tertiary Education Trust Fund (TETFund), and military operations.

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