Senate Committee Begins Review of Tax Reform Bills: Key Updates

Senate Committee to Review Tax Bills: What It Means for Businesses

The Nigerian Senate has taken a significant step by setting up a committee to review the tax reform bills introduced by President Bola Tinubu.

These bills aim to overhaul Nigeria’s tax framework, including establishing the Nigeria Revenue Service and a tax ombudsman to harmonize and settle revenue disputes.

The bills have faced mixed reactions from lawmakers and stakeholders.

While some senators, like Ndume, expressed concerns over timing and derivation issues, others emphasized the importance of public hearings to incorporate diverse views before finalizing the reforms.

The Senate President, Godswill Akpabio, tasked the Finance Committee, chaired by Senator Sani Musa, with organizing public hearings and presenting findings within six weeks.