On Thursday in Abuja, Bamidele, through a statement from his Directorate of Media and Public Affairs, stated that the Senate will address all public concerns related to the Tax Reform Bills, 2024. He assured Nigerians that the Senate will consider these bills immediately after the Eid-El-Fitr and Easter holidays.
Driven by the urgent need to strengthen the country’s economy, Bamidele emphasized that the Senate’s focus has been on developing robust legal frameworks.
He also mentioned that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is ongoing and that the process is expected to result in a more efficient and responsive governance system once concluded.
Bamidele highlighted his significant contributions to the formulation and prioritization of key legislative initiatives, including the introduction of the Tax Reform Bills, 2024. He stressed that the bills are designed to stabilize fiscal and monetary policies, prioritize security, address consumer price inflation, and create more effective governance structures.
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“When enacted, the bills will help tackle the inequality and injustice that currently characterize our tax system,” he said.
Under the proposed tax regime, Bamidele noted that employees earning N1,000,000 or less per annum will be fully relieved of their tax burden. Additionally, businesses with a capital of N50 million or less will enjoy tax exemptions. Value Added Tax (VAT) will no longer be applied to exports or essential goods and services for the public. These essentials include food items, education, transportation, and medical treatment.
He concluded by stating that the tax reform bills are “game changers” that will significantly redefine and transform the country’s fiscal environment.