Senate Approves Landmark Tax Reform Bills to Overhaul Nigeria’s Revenue System
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Senate Approves Landmark Tax Reform Bills to Overhaul Nigeria’s Revenue System
In a major legislative milestone, the Nigerian Senate has passed the final two of the four key tax reform bills, completing its effort to modernise and streamline the country’s tax administration system.
During Wednesday’s plenary session, lawmakers began reviewing the reports of the four executive-sponsored bills. While two were initially passed and two others deferred for further consideration, the Senate has now approved all four bills in full.
The legislation includes the Joint Revenue Board Establishment Bill, the Nigeria Revenue Service Establishment Bill, the Nigeria Tax Administration Bill and the Nigeria Tax Bill.
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“These four executive bills seek to transform and modernise the tax system in Nigeria,” the Senate stated during the session.
Following their passage, a conference committee has been formed to harmonise the Senate’s versions with those passed by the House of Representatives. Once reconciled, the bills will be presented to President Bola Ahmed Tinubu for his final assent.
