Tax reform bills advance as senate committee concludes deliberations

The Senate is reportedly preparing to hold a public hearing on the Tax Reform Bills, with the goal of advancing them for a third reading and eventual passage.

This move comes after a closed-door session of the Senate Ad-hoc Committee on Tax Reform, which included key government officials such as the Attorney General of the Federation, Lateef Fagbemi (SAN), Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, and Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu.

The Senate Ad-hoc Committee on Tax Reform, led by Senator Abba Moro, was formed in December last year to address contentious issues surrounding the proposed tax legislation.

Senator Moro confirmed that significant progress has been made, signaling that the bills are now closer to being finalized.

“We have reached some agreements after thorough discussions with government officials. Our goal is to synthesize the entire process to deliver a law that meets the needs of all Nigerians,” Moro stated.

He expressed optimism that the committee would soon finalize its work, paving the way for the bills to be presented for passage.

“By the time we meet again, we will have a better story to tell,” he said.

FIRS Chairman Zacch Adedeji also expressed confidence in the progress made, indicating that previously contentious issues had been resolved.

“The so-called grey areas were discussed and clarified. We are now moving in the right direction, and there won’t be a need for further meetings. All issues have been identified, clarified, and resolutions have been made,” Adedeji said.

He affirmed that there was a consensus among all stakeholders on the necessity of the proposed tax laws.

“Everyone agreed that Nigeria needs these laws. Today, we saw the framework of the law come together, with the Attorney General, lawmakers, and operators all on the same page,” he concluded.

The committee’s efforts mark a significant step towards overhauling Nigeria’s tax system, with the reforms expected to enhance revenue collection and create a more efficient tax framework.