The long-anticipated Tax Reforms Bill was officially presented before the Senate today by the Senate Committee on Finance, marking a significant step in the Federal Government’s drive to overhaul Nigeria’s tax system.
At the plenary session, Senate President Godswill Akpabio called on all senators to dedicate time between today and tomorrow to conduct a clause-by-clause review of the proposed legislation to ensure thorough scrutiny ahead of its expected passage.
“This bill is crucial for Nigeria’s economic stability and revenue mobilization. I urge all senators to go through it meticulously and come prepared for detailed deliberations,” Akpabio said.
Although the full contents of the bill were not disclosed during the open session, sources within the Finance Committee hinted that the reforms target streamlining tax administration, expanding the tax net, and increasing compliance, especially among high-income earners and corporate entities.
The legislation is expected to touch on areas such as Value Added Tax (VAT), Company Income Tax (CIT), and tax incentives, as well as potential amendments to empower the Federal Inland Revenue Service (FIRS) with greater enforcement tools.
Stakeholders and economic analysts are closely watching developments, with expectations that the reforms could help close Nigeria’s widening revenue gap and reduce dependence on borrowing.
The bill will return for debate and possible passage later this week, once senators have completed their individual reviews.
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