Two of President Bola Tinubu’s four bills to restructure taxes were approved by the Nigerian Senate on Wednesday.
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Two measures were approved: one that establishes the Joint Revenue Board and the other that establishes the Nigeria Revenue Service.
This comes after Senator Sani Musa, who represents Niger East, convened an ad hoc committee and submitted a report for consideration by the Senate.
At the Committee of the Whole, we discussed and examined each bill clause in great detail.
The legislation were officially passed by the Senate President, Godswill Akpabio, after the majority voice vote confirmed it.
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At the same time as they will revolutionize tax collection and distribution in Nigeria, “these bills will add immense value to governance,” Akpabio declared.
He went on to say that Thursday will see the completion of the last two bills, regardless of how many hours were needed to do it.
“We will finish the outstanding bills tomorrow, no matter what, even if we have to stay here until 10 pm,” Akpabio declared.
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In addition, a plan to raise the VAT to 10% was shot down by the upper chamber, which settled on keeping the rate at 7.5%.
The Nigeria Tax Bill and the Nigeria Tax Administration Bill are the two remaining laws set to be considered and passed on Thursday.