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Historic Tax Legislation: Senate Poised For Game-Changing Approval
The Senate is set to approve President Bola Tinubu’s contentious tax reform bills today, Tuesday, after a brief delay caused by the Rivers State emergency issue.....KINDLY READ THE FULL STORY HERE▶
Two senior senators, speaking anonymously, confirmed to Punch that the four bills—the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill—would be passed.
This move follows the House of Representatives’ approval of the bills two weeks ago, after a detailed clause-by-clause review. Notable amendments include maintaining the current 7.5% Value Added Tax (VAT) rate instead of a proposed increase and expanding tax exemptions for agricultural businesses and military officers.
Once passed by the Senate, the bills will be sent to President Tinubu for final approval, marking a significant milestone in the administration’s tax reform agenda.
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