Senate Stops Action On Tax Reform Bills, Stops Public Hearing

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Wednesday, December 4th, 2024

(AFRICAN EXAMINER) – The Senate on Wednesday stopped action on the tax reform bills presently before it.

It also directed the Committee on Finance to stay action on the public hearing until the time the agitation in the public space is resolved.

The Senate also constituted a special committee to liaise with the executive branch and work with the Federal Government to look into the issues surrounding the tax reform bills.

This development was made known by the Deputy Senate President, Jibrin Barau, who presided during the plenary on Wednesday.

The African Examiner writes that the tax reform bills have continued to spark reactions from Nigerians since it was introduced to the National Assembly.

The bills include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024 and Nigeria Tax Bill, 2024.

Also, the Northern governors have rejected the bills, describing them as anti-democracy.

With this recent development, the National Economic Council requested that the tax reforms bill be withdrawn from the NASS for more consultations.

Also, Senator Shehu Buba (APC, Bauchi South) in an interview with British Broadcasting Service, Hausa Service stated that the Northern Senators agreed to recall the Tax Reforms Bills.

He said: “These bills are complex and require thorough review by tax policy experts.”

According to Buba, the northern lawmakers strongly reject the proposed “derivation” formula in the value-added tax (VAT) distribution system saying that northern states would be unfairly impacted.