College of taxation and fiscal studies bill passes second hurdle

A bill for an Act to establish the Nigeria College of Taxation and Fiscal Studies has passed its Second reading at the Senate.

The presentation of the Bill was made by Senator Abdullahi Aliyu Sabi on the floor of the Senate where he noted that the institution, if established would provide professional and academic training as well as certification for tax administrators, tax practitioners and tax professionals across the country. In his presentation, Senator Sabi, who represents Niger North Senatorial District of Niger State stated that the College had become necessary given the important role that taxation is playing in the nation’s economy, and that this institution would help formulate and draft tax policy for the country while addressing human capital gaps in the country’s tax industry. “It is becoming increasingly clear that diversifying the sources of government revenue to focus on sustain- able sources is inevitable.

This diversification puts taxation at the centre of the revenue mobilization discussion; the attainment of this laudable objective would require tax experts who have been properly and adequately schooled to formulate tax policy, draft and interpret tax legislation, carry on private tax practice, and administer taxation in the modern era.