The senate has passed four tax reform bills proposed by President Bola Tinubu for second reading.

The bills passed second reading after Opeyemi Bamidele, majority leader of the senate, led a debate on them on Thursday.

While leading a debate on them, Bamidele said the bills would simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.

“It will eliminate double taxation. In the area of tax exemption of the salaries below the minimum wage,” the senate leader said.

“It is proposed that the state governments share 55 percent of VAT from 15 percent. There is a reasonable effort to establish core tax statutes in the bill.”

Seriake Dickson, senator representing Bayelsa west, said the discovery of oil in Nigeria did not allow the country have a good taxation system as a means of revenue.

“I am aware that some issues have been raised and that is legitimate,” he said.

“There is nothing wrong in saying that phone calls are made in Sokoto are calculated are paid to those states. We should ensure that this is transparent.”

Also speaking, Ali Ndume, senator representing Borno south, said the bills should be stood down for further legislative work.

“Reforms are necessary if we have to move forward. My problem is number one is timing. Number two, the issue of derivation and VAT,” he said.

“The constitution has to be amended for some of these provisions to be effected.”

Countering Ndume’s position, Tahir Monguno, chief whip, said the bills should not be withdrawn and that changes could be made during the public hearing on them.

“These bills will reduce the tax burden on Nigerians,” he said.

The bill were passed after Senate President Godswill Akpabio put them to a vote.

Tinubu asked the national assembly to consider and pass the bills in October.

Source: https://www.thecable.ng/just-in-tinubus-tax-bills-pass-second-reading-at-senate/

Good to see the bills are receiving the necessary attention.

By this time next month, the bill should have been pass by the senate and house of rep

The tax collector., Samuu Alajooo.

Good one.

Paraman:
By this time next month, the bill should have been pass by the senate and house of rep

Insha Allah, it will be passed.

God bless President Bola Ahmed Tinubu
Jagaban of the entire Nigeria
Ekun oko Remi Tinubu

Toh

The new tax system would be more beneficial to the common Nigerians

From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

Okay

This is a very good development.

I like the fact that Tinubu is reforming the tax system. It will help a lot in the long run.

iwaeda:
The tax collector., Samuu Alajooo.

Is this all you can come up with? No technical critiques or Economical argument against it?

Just kids banter?



Na wa o

Awesome!

Ndume and Ningi

Nice but we don't want to hear VAT rate has been increased again!

Omo!

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

After this, shey price of rice go come down?

EmperorCaesar:


Is this all you can come up with? No technical critiques or Economical argument against it?

Just kids banter?



Na wa o

You will understand later.

This is a very good move from the president.

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

You are not tired of lies and propaganda. Which trade surplus, floating of naira has rendered many jobless and dead. Tinubu said you are now producing 1.8 barrel, stop lying it is 1.61. Food is very surplus that rice is now N125k per 50kg bag.

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

Zombies wrote more than these during Pa Bubu's time

They later came to tell us he's a failure

So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

Slowly but surely, we shall get there.
Enemies of Nigeria will continue to cry.

It will pass third reading

Good move.

Good one

If VAT truly becomes 15%, companies that are actually paying might as well start closing up.

Listen to Seriake Dickson
'
Seriake Dickson, senator representing Bayelsa west, said the discovery of oil in Nigeria did not allow the country have a good taxation system as a means of revenue.

“I am aware that some issues have been raised and that is legitimate,” he said.

“There is nothing wrong in saying that phone calls are made in Sokoto are calculated are paid to those states. We should ensure that this is transparen'

These are southerners without understanding. The issues he's talking about are the ones raised by Ndume who is , understandably, vehemently fighting for the Northern cause. You have to tell who is it that Seriake is fighting for? I hope his people would understand and call him to order.

LegendHero:

Source: https://www.thecable.ng/just-in-tinubus-tax-bills-pass-second-reading-at-senate/

We need details of the bills . I hope civil societies will scrutinize it well . It is a welcome development . I hope it will also make Nigerians make their leaders more accountable . It is one thing to have an effective tax system . It is another thing to use the taxes with sense . A typical example is USA Tax payers funding wars they don’t want or need while their infrastructure and social amenities decay.

Laugh