The Senate has passed the Tax Reform Bill introduced by President Bola Tinubu into law. The bill was first presented by Senate Leader Opeyemi Bamidele and has officially been passed into law after a closed-door session......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
The Tax Reform Bills are designed to revamp Nigeria’s tax system to enhance revenue generation, simplify compliance, and promote business growth. The legislation consists of 43 clauses and is divided into six parts. It aims to safeguard small businesses and exempt individuals living in poverty from tax payments. Furthermore, the bills propose lowering the corporate tax rate from 30% to 25%.
The passage of the bills into law was not without some drama between politicians. Senator Ali Ndume opposed the bill, highlighting a lack of adequate consultations, concerns regarding the Value Added Tax (VAT), and issues related to derivation. He argued that amending the Constitution would be necessary for some of the proposals in the bill to take effect.
Despite the opposition, the bills received support from Senators Seraike Dickson and the Senate Committee on Finance Chairman. Senate President Godswill Akpabio ruled favouring the lawmakers who backed the bills.