Senate Begins Public Hearings on Tax Reform Bills Today

The Senate Committee on Finance will commence a public hearing today on four key Tax Reform Bills, with the House of Representatives set to follow suit on Wednesday. The proposed legislation includes the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, the Joint Revenue Board Bill, and the Nigeria Tax Bill.

President Bola Ahmed Tinubu submitted these Bills to the National Assembly as part of his administration’s commitment to creating a more efficient and equitable tax system. The Bills aim to repeal various existing tax laws, including the Capital Gains Tax Act, Casino Act, Companies Income Tax Act, Deep Offshore and Inland Basin Act, and the Industrial Development (Income Tax Relief) Act, among others. Additionally, they propose amendments to multiple laws, such as the Customs, Excise Tariffs (Consolidation) Act, the National Information Technology Development Agency Act, and the Petroleum Industry Act, among others.

Senate Committee Chairman Sani Musa announced that the hearings would take place on February 24 and 25, following extensive consultations with stakeholders nationwide to address concerns regarding the Bills. Meanwhile, House of Representatives spokesman Akintunde Rotimi stated that the public hearing would gather input from government agencies, business leaders, tax experts, private sector representatives, civil society organizations, and the general public to refine the proposed tax reforms.