The Senate is set to approve President Bola Tinubu’s controversial tax reform bills today, Tuesday, following their earlier passage by the House of Representatives.
Two senators, who spoke to Punch on condition of anonymity, confirmed that the four bills would be passed without delay. One of the sources noted that the approval would have taken place last week if not for discussions on the Rivers State emergency.
The tax reform bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. They underwent a detailed clause-by-clause review in the House of Representatives before passage two weeks ago.
Key provisions in the bills include maintaining the Value Added Tax (VAT) rate at 7.5 percent instead of a proposed staggered increase. Additionally, the bills extend income tax exemptions to certain agricultural businesses and military officers, aiming to boost growth in these sectors.
Once the Senate grants approval, the bills will be sent to President Tinubu for signing into law, marking a significant milestone in the administration’s tax reform agenda.
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