Senate Passes Tax Reform Bills For Second Reading

On Thursday, the Nigerian Senate passed four tax reform bills for a second reading through voice votes.

“The bill should scale second reading and undergo thorough examination during the public hearing. Afterward, it can be subjected to clause-by-clause consideration.”

According to the only dissenting voice, Sen. Ali Ndume: “Reforms are necessary,  I am not against any reforms. My problem is the timing as it is today in Nigeria as we say I want to add to what Senator Seraike said.

“One will be at the public hearing and the issue of derivation because the Constitution has to be amended before some of the proposals of the Bill can be affected.

“This bill should be withdrawn, we work on it and submit it after  getting the buy-in of the Governors,  Traditional Rulers and the NEC.

“I looked at the bill and it contains so many but these two things VAT and Derivation. You negotiate first before we come to take a position.

“It looks attractive but it may not be what it is. If you move a tax burden to the manufacturer he will transfer it to the consumer.

“In the bill, we say a reduction from 30% to 25% which means that the person in Nnewi that is no longer able to make Billions, you are charging him with the same person that is just sitting down doing Nothing.”

On October 3, President Bola Tinubu transmitted four tax reform bills to the National Assembly for consideration.

 

Related articles

Drama As Dickson Walks Out Of Senate As PDP Senator Joins APC

The political crisis in the Bayelsa State chapter of...

Court Rules Against CBN, AGF In Suit Challenging Osun’s Withheld LG Funds

The Federal High Court in Abuja, on Thursday, rejected...

What Falana Asked FG To Do Concerning Presidential Pardon List

Human rights lawyer Femi Falana, SAN, has publicly requested...

FG Issues Flood Alert For Seven States [FULL LIST]

The Nigeria Hydrological Services Agency (NiHSA) has issued a...

LEAVE A REPLY

Please enter your comment!
Please enter your name here