Tax reform proposals nearing passage as Senate Committee finalises deliberations.
Strong indicators surfaced on Monday that the Senate is about to hold a public hearing on the tax reform proposals, with the goal of presenting them for a third reading and eventual passage.
This development was confirmed following a closed-door meeting with the Senate Ad-hoc Committee and top government officials, including Lateef Fagbemi (SAN), Chairman of the Federal Inland Revenue Service (FIRS), Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, and Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The Senate’s Ad-hoc Committee on Tax Reform, chaired by Sen. Abba Moro, was formed in December last year to consult with the Federal Government on problematic areas of the proposed tax legislation.
Senator Moro announced tremendous advancements.
“We obtained several agreements following extensive conversations with government authorities. Our goal is to bring together the entire process to create a law that fulfils the demands of all Nigerians,” Moro added.
He expressed confidence that the committee will shortly finish its work and propose the measures for passage.
“By the time we meet again, we will have a better story to tell,” he promised.
FIRS Chairman Zacch Adedeji also expressed optimism about the progress made, implying that previously problematic topics had been overcome.
We reviewed and cleared the “grey areas.” We are now on the correct track, and there will be no need for additional meetings. Adedeji claimed that they had discovered, clarified, and remedied all issues.
He emphasised that all parties agreed on the importance of the new tax laws.
“Everyone agreed that Nigeria needed these laws. Today, the Attorney General, legislators, and operators united to form the framework of the law, he said.
The committee’s actions are an important step towards modernising Nigeria’s tax system, with revisions intended to improve revenue collection and establish a more effective tax framework.