SENATE REJECTS VAT INCREASE, PASSES TWO TAX REFORM BILLS

SENATE REJECTS VAT INCREASE, PASSES TWO TAX REFORM BILLS

The Senate, on Wednesday, passed two of President Bola Tinubu’s four tax reform bills.

The two bills approved are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill.

This development follows the Senate’s consideration of the report submitted by an ad hoc committee chaired by Senator Sani Musa, representing Niger East.

Each clause of the bills was thoroughly debated and reviewed at the Committee of the Whole.

Following majority support expressed through a voice vote, the Senate President, Godswill Akpabio, formally announced the passage of the bills.

“These bills will add immense value to governance and transform how taxes are collected and distributed in Nigeria,” Akpabio stated.

He further remarked that the remaining two bills would be concluded on Thursday, even if this necessitated extended sitting hours.

“We are committed to concluding the outstanding bills tomorrow, even if we have to remain here until 10 pm,” Akpabio said.

Additionally, the upper chamber rejected a proposal to increase the Value Added Tax to 10 per cent, opting instead to maintain the current rate of 7.5 per cent.

The two remaining bills scheduled for consideration and passage on Thursday are the Nigeria Tax Administration Bill and the Nigeria Tax Bill.