Senate begins public hearing on tax reform bills

DDM News

The Nigerian Senate has commenced a two-day public hearing on four tax reform bills.

These bills aim to improve the nation’s tax administration.

The bills, presented by President Bola Tinubu, seek to enhance revenue generation, Diaspora digital media (DDM) reports.

They also aim to reduce tax evasion and simplify tax processes for businesses and individuals.

Chairman of the Senate Committee on Finance, Senator Sani Musa, made this known during a news conference in Abuja on Wednesday.

He emphasized that the bills align with the federal government’s commitment to economic growth.

The reforms also aim to ensure fiscal sustainability and accountability.

“These tax reforms are critical for enhancing Nigeria’s revenue base,” Senator Musa stated.

He added that the government must reduce dependence on oil revenue.

“The proposed bills will address inefficiencies and close loopholes,” he continued.

They also aim to promote a fair and transparent tax system.

The four bills under consideration include the Value Added Tax (Amendment) Bill.

Other bills are the Company Income Tax (Amendment) Bill and the Personal Income Tax (Amendment) Bill.

The fourth bill is the Tax Administration and Compliance Bill.

The Senate Committee on Finance will engage stakeholders to receive input on the bills.

They will include industry experts, professional bodies, and the general public.

Senator Musa urged relevant stakeholders to actively participate in the public hearing.

These stakeholders include business associations, financial experts, and tax professionals.

“The success of these bills depends on inclusive dialogue,” he added.

Constructive engagement is also necessary for achieving the desired objectives.

The public hearing is taking place at the National Assembly Complex.

It will feature presentations from the Federal Inland Revenue Service (FIRS) and the Ministry of Finance.

Tax consultants, business leaders, and civil society organizations will also participate.

Participants will provide insights and recommendations on the bills.

One key objective of the reforms is to expand the tax net.

They also aim to enhance compliance among individuals and businesses.

The Senate Committee on Finance will examine the impact of the proposed amendments.

Special attention will be given to small and medium enterprises (SMEs) and foreign investments.

Economic analysts have welcomed the initiative.

They note that tax reform is essential for Nigeria’s economic stability.

However, some experts have cautioned against overburdening taxpayers.

They stress the need to avoid stifling business growth with excessive tax policies.

President Tinubu’s administration has prioritized tax reforms.

This is part of broader economic policies aimed at improving revenue mobilization.

The government is also working to reduce fiscal deficits through these reforms.

Strengthening tax administration and curbing revenue leakages remain key priorities.

A senior official from the Federal Inland Revenue Service spoke at the hearing.

He emphasized the need for digital innovations in tax collection.

“We must modernize our tax administration through technology,” he said.

This will improve efficiency and transparency.

Civil society organizations present at the hearing called for fairness.

They also demanded accountability and proper utilization of tax revenues.

Representatives of the private sector shared their concerns.

The Manufacturers Association of Nigeria (MAN) discussed the impact of the reforms on businesses.

The Senate Committee on Finance will compile recommendations.

They will submit their report for further legislative action.

If passed, the bills will be transmitted to President Tinubu.

This will pave the way for a reformed tax system aligned with economic objectives.

The two-day hearing is expected to conclude with a communique.

This document will summarize key recommendations from the hearing.

Lawmakers have assured Nigerians that tax reforms will support economic growth.

They also aim to ensure equitable distribution of tax burdens.

As the public hearing progresses, all eyes remain on the Senate.

The final versions of the bills must reflect government and citizens’ interests.

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