President Tinubu Proven Right As ‘Controversial’ Tax Reform Bills Move To ‘Committee Stage’
The development recorded at the National Assembly Complex , Abuja on Thursday showed that President Bola Tinubu was right with regard to his decision on the advice that was offered by the National Economic Council (NEC) after its 144th meeting a few days ago.
NEC had asked the president to suspend action and withdraw the tax reform bills he sent to the National Assembly on October 3, 2024.
The four bills moved to the committee stage in the senate on Thursday, November 28, 2024.
The resolution of the Senate followed the consideration of the general principles of the bills during the plenary session that was held on Thursday.
The bills which were sponsored by Senate Majority Leader, Senator Opeyemi Bamidele are as follow;
‘A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombudsman for the harmonization, coordination, and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024
A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Act to Establish the Nigeria Revenue Service, charged with powers of assessment, collection of, and accounting for revenue accruable to the Government of the Federation, and for related matters, 2024.
A Bill for an Act to Provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States, and Local Governments; prescribe the powers and functions of tax authorities, and for related matters, 2024.
A Bill for an Act to Repeal certain Acts on taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions, and instruments, and for related matters, 2024’.
Team@orientactualmags.com learned that after the second reading of the Bills, the Senate President, Barrister Godswill Akpabio ruled that they should be referred to the Committee on Finance for further legislative action.
The committee has been given 6 weeks to submit its report.
The senate had on Wednesday allowed top government officials to defend the tax reform bills after a tense floor debate.
Recall that the 19 Northern Governors had met on October 28, 2024, and declared opposition to the bills. They specifically rejected the new derivation-based model for Value-Added Tax distribution in the new bills.
The northern governors in a communiqué that was read out by their chairman, Governor Muhammed Yahaya of Gombe State, said what is contained in the proposed bills negates the interest of the North and other sub-nationals.
The Northern Elders Forum had also urged lawmakers from the north to oppose the Tax Reform Bills.
Recall also that the National Economic Council (NEC) had during its 144th meeting in Abuja asked the president to suspend action and withdraw the bills in question from the National Assembly in order to carry out a ‘wide consultation’ on them.
President Tinubu had however in a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga submitted that the bills should be allowed to go through the legislative process since inputs can be made during public hearings.
He had also noted that doing what the NEC had recommended is unnecessary cognizant that the legislature has ‘amending power’.-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
