Senate to consider tax reform bills

Senators used to illustrate the story [Credit: Daily post]
The leader of the Senate, Opeyemi Bamidele, has said the Red Chamber will look into all issues of public concern relating to the Tax Reform Bills, 2024. The Senate leader assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.
Mr Bamidele said this on Thursday in a statement. He also mentioned that the review of the Constitution was on course. According to him, the process would lead to a more efficient and responsive governance system when it was concluded. Persuaded by the urgent need to strengthen the country’s economy, Bamidele said the Senate had focused mainly on developing legal frameworks.
“To stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures,” he said. The Senate leader pointed out prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, including the introduction of the Tax Reform Bills 2024. He said the tax reform bills “are game changers that will significantly redefine and transform our country’s fiscal environment.”
Mr Bamidele stated that when enacted, the bills will address inequality and injustice that characterise our tax system.
“Besides, all businesses with N50 million capital or below will now enjoy tax exemptions. Value-added tax will no longer be placed on exports and essential consumptions by the masses. The essential goods and services include food items, education, transportation and medical treatment, among others,” the senator said. NAN