Strong signs arose on Monday that the Senate is on the verge of taking a formal review on the Tax Reform Bills, with the intent of presenting them for a third reading and possible passage.
This development was affirmed following a closed-door session of the Senate Ad-hoc committee and key government officials, including 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’s Ad-hoc Committee on Tax Reform, led by its Chairman, Sen. Abba Moro, was laid out in December last year to engage with the Federal Government on antagonistic parts of the proposed tax legislation.
Senator Moro uncovered that significant progress had been made.
“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 communicated good faith that the committee would before long complete its work, giving 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 likewise communicated confidence in the progress made, demonstrating that previously argumentative issues had been settled.
“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 confirmed that there was an agreement among all stakeholders on the need 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 huge step towards redesigning Nigeria’s tax system, with the changes expected to improve revenue collection and make a more efficient tax framework.
