Senate has passed four tax reform bills proposed by President Bola Ahmed Tinubu for second reading.
Gatekeepers News reports that the bills passed second reading after the majority leader of the house, Opeyemi Bamidele led a debate on them on Thursday.
Bamidele said the bills would simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.
He said, “It will eliminate double taxation. In the area of tax exemption of the salaries below the minimum wage.”
“It is proposed that the state governments share 55 percent of VAT from 15 percent. There is a reasonable effort to establish core tax statutes in the bill.”
Also, Senator representing Bayelsa West, Seriake Dickson said the discovery of oil in Nigeria didn’t allow the country to have a good taxation system as a means of revenue.
He said, “I am aware that some issues have been raised and that is legitimate.”
“There is nothing wrong in saying that phone calls are made in Sokoto are calculated are paid to those states. We should ensure that this is transparent.”
In addition, Senator representing Borno South, Ali Ndume said the bills should be stood down for further legislative work.
He said, “Reforms are necessary if we have to move forward. My problem is number one is timing. Number two, the issue of derivation and VAT.”
“The constitution has to be amended for some of these provisions to be effected.”
Chief whip, Tahir Monguno countered Ndume’s position saying the bills shouldn’t be withdrawn and that changes could be made during the public hearing on them.
He said, “These bills will reduce the tax burden on Nigerians.”
The bills were passed after Senate President, Godswill Akpabio put them to a vote.
