Senate Set To Approve Tinubu’s Tax Reform Bills Today

• The Senate is set to pass Tinubu’s tax reform bills today.
• The bills retain VAT at 7.5% and grant tax exemptions.
• Once passed, the bills will be sent to Tinubu for assent.

The Senate is set to approve the controversial tax reform bills submitted by President Bola Tinubu, with the passage expected to take place today, Tuesday.

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EKO HOT BLOG reports that two senators, speaking anonymously, confirmed the development, stating that the bills would have been passed earlier if not for the recent declaration of a state of emergency in Rivers State.

“This should have been concluded last week, but the Rivers State situation delayed it. However, the four bills will certainly be approved tomorrow,” one of the sources told Punch.

The expected approval follows the House of Representatives’ passage of the same bills two weeks ago. The bills under consideration include:

• The Nigerian Tax Bill

• The Tax Administration Bill

• The Revenue Tax Board Bill

• The Nigerian Revenue Service Establishment Bill

During deliberations, lawmakers conducted a clause-by-clause review of the bills at the Committee of the Whole before passing them in the House.

One of the significant amendments retained in the bills is the maintenance of the Value Added Tax (VAT) rate at 7.5 percent, rejecting a proposed staggered increase. Additionally, the legislation includes provisions for income tax exemptions targeting agricultural businesses and military officers, a move aimed at boosting productivity in these sectors.

Senate Set To Approve Tinubu’s Tax Reform Bills Today

Once the Senate approves the bills, they will be forwarded to President Tinubu for assent, marking a critical milestone in the administration’s tax reform agenda.

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