The Nigerian Senate has officially adopted the Conference Committee Report on the harmonised Tax Reform Bills, marking a significant milestone in the country’s efforts to streamline and modernize its tax framework. The adoption follows extensive deliberations aimed at reconciling differences between the versions passed by the Senate and the House of Representatives.
The harmonised bills seek to simplify tax administration, enhance revenue generation, and promote compliance among taxpayers. Lawmakers believe the reforms will create a more transparent and efficient tax system that supports Nigeria’s economic growth and development goals.
Senate leaders emphasized that the new tax laws would improve ease of doing business, reduce tax evasion, and ensure a fairer tax burden distribution across various sectors of the economy.
With the adoption of the report, the bills will be forwarded to the President for assent, bringing Nigeria closer to a modernized tax regime designed to boost government revenues and strengthen fiscal sustainability.
This development is expected to positively impact both individuals and businesses by clarifying tax obligations and fostering a more investor-friendly environment.
