Nigeria News Nalin It is reported that the Senate is expected to pass a controversial tax reform bill forwarded by President Bola Tinubu to the National Assembly and is expected to be approved today.
Two prominent senators, demanding anonymity due to restrictions on comments, confirmed to Punch that tax bills will be passed today.
A source explained, “If there were no River State with urgent issues, this should have been completed last week. But of course, these four bills will be approved tomorrow.”
This looming action in the Senate comes after the House approved the same four tax reform bills two weeks ago.
The bills discussed include the Nigerian Tax Act, the Tax Office Act, the Tax Tax Commission Act and the Nigerian Tax Service Agency Act. These bills were reviewed item by item throughout the committee before they were passed by the House.
Some key corrections to the bill include the retained VAT (VAT) rate at the current 7.5% rather than the proposed staggered increase.
The bill also proposes to expand income tax exemptions to certain agricultural enterprises and military officers, a move designed to stimulate growth in these sectors.
Once the Senate passes the expected bill, they will be forwarded to President Tinob to sign the law, marking a critical step in the government’s tax reform efforts.
