Two tax reform bills out of the four proposed by President Bola Tinubu were passed by the Senate on Wednesday.
The remaining two bills—the Nigeria Tax Bill 2024 and the Tax Administration Bill—will be passed on Thursday.
An ad hoc committee made up of senators presided over the bills to deliberate on the proposed legislation before passage.
After reviewing the report chaired by Senator Sani Musa, representing Niger East, the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill were passed.
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Meanwhile, during the committee deliberation, clauses of the bills were debated and considered at the Committee of the Whole.
The bill passed after senators supported it in a voice vote conducted by Senate President Godswill Akpabio.
The Senate president acknowledged that a committee would be established to harmonise its decision with the version passed by the House of Representatives in March.
Upon conclusion, the bills will be transmitted to President Tinubu for assent.
The Senate also oversaw the introduction of strict penalties for tax violators, stating that failure to register or file returns will attract a fine, as well as up to three years’ imprisonment for serious violations.
