Tax Reform Bills set for passage as Senate, FIRS clear major hurdles

The Senate is preparing to approve tax reform legislation after major stakeholders came to an agreement on previously debated topics.

Despite strong opposition, particularly from the North, the voices against the bills persist in their stance.

Chair of the Senate’s ad hoc Committee on Tax Reform, Senator Abba Moro, disclosed, yesterday that public hearings on the bills would soon be held, paving the way for a third reading.

Following a meeting with top officials, including Attorney General of the Federation, Lateef Fagbemi (SAN); Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji; and other fiscal policy leaders, Moro expressed optimism about the progress made.

Speaking to journalists, Moro highlighted the collaborative effort to harmonise the tax reform process.

“We’ve engaged with the Attorney General, the FIRS Chairman, and other stakeholders to synthesize our positions. Our goal is to deliver a law that truly serves all Nigerians,” Moro said.

While Moro did not provide specifics on the changes made, he said substantial progress had been achieved, and further meetings would finalise the framework.

Adedeji reinforced the positive outlook, stating that most contentious issues in the bills had been resolved.

“All the so-called grey areas were identified and clarified during the discussions. The engagement has been very productive, and I can confidently say we are on the right track,” Adedeji said.

He added that the bills were critical to modernising Nigeria’s tax framework and ensuring better revenue mobilisation.

“To the best of my knowledge, everyone involved agreed on the importance of these reforms.

“Everyone agreed that Nigeria needs these laws. Today, we saw the framework of the law come together, with the Attorney General, lawmakers, and operators all on the same page,” he added.

The committee’s efforts mark a significant step towards overhauling Nigeria’s tax system.

With the reforms, it is expected to enhance revenue collection and create a more efficient tax framework