Earlier, the Chairman of the Senate panel, Senator Solomon Adeola, while welcoming the minister, explained that the bill generally sought to review and possibly amend sections of existing legislation on revenue for the nation.
“Let me restate that in our nation’s legislative development, the way forward at present is not much about enacting new laws as much as amendments of old laws to take care of new realities and reform observed shortcomings in the implementation of existing laws. “In the bill referred to the Committee, a total of 10 existing Acts are proposed for amendments namely:Capital Gains Tax Act, Companies Income Tax Act, Customs, Exercise Tarrif, etc Act, Federal Revenue Service Establishment Act e Personal Income Tax, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act, Corrupt Practices and other Related Offences Act, Public Procurement Act.
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