There are indications that President Bola Tinubu‘s tax reform bills would be passed by the Senate today.
According to the leadership of the 10th Senate, the bills were delayed until Wednesday in order to allow for adequate review and discussion.
The four bills, Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill were forwarded by the President six months ago as part of efforts to reform the country’s fiscal policies and boost revenue generation.
The delay in the passage of the bills had raised concerns, especially after the House of Representatives approved them two weeks ago, putting pressure on the Red Chamber.
Critics have express concerns about potential negative impacts of the bills on businesses and individuals.
According to them, the reforms could increase the tax burden on certain sectors, discourage investment, and exacerbate income inequality.
The proposed changes to Value Added Tax (VAT) distribution have also sparked debate, with some regions expressing concerns about potential revenue losses.
In a communique, the Northern Governors Forum (NGF) frowned at the bills, with the forum’s chairman and Governor of Gombe state, Mohammed Yahaya opposing the proposed amendment to the distribution of VAT to a derivation-based model.
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