Senate passes last two tax reform bills, to set up conference committee for harmonisation

The senate has passed the remaining two tax reform bills, concluding legislative work on the four executive bills proposed by President Bola Tinubu.

On Wednesday, the upper legislative chamber began consideration of the tax reform package and passed two of the bills — the Nigeria Revenue Service Establishment bill and the Tax Administration bill.

The remaining two — the Nigeria Tax bill 2024 and the Joint Revenue Board Establishment bill — were passed during plenary on Thursday.

The bills were debated and adopted at the committee of the whole, after which Senate President Godswill Akpabio announced their passage.

Akpabio said the senate would now set up a conference committee to harmonise its version of the bills with that of the house of representatives.

Once harmonised, the unified versions will be transmitted to the president for assent.

The four tax reform bills are aimed at modernising Nigeria’s tax system and improving revenue collection.

They are a central part of the federal government’s economic reform agenda under the renewed hope initiative.