The 10th Senate said it is considering the consolidation of revenue collection into a single agency through a legislative action to curb duplication, tackle corruption and ensure seamless transactions by taxpayers.

This was contained in a communique issued at the end of the 3-day Retreat organised by the National Institute for Legislative and Democratic Studies for Senators of the 10th National Assembly on Fiscal Policy and Tax Reform at Ikot Ekpene, Akwa Ibom State.

The communique was signed by the Chairman, Senate Committee on Media and Public Affairs, YEMI ADARAMODU.

The Senate noted that the move would simplify the tax system, reduce duplication of efforts, and make it easier for taxpayers to comply with the law.

It further called for the review of the Stamp Duty Act of 1939 and other obsolete laws in conformity with present realities as well as address exchange rate management issues, challenges of inflation, address poverty, and create jobs.

The Upper Chamber also said that there was need to review the tax waiver policy to ensure it aligns with the revenue mobilisation drive of the government by making the waiver process more transparent and accountable.

According to the communique, there was also the need to consider and approve the Emergency Economic Intervention Bill from the Executive as a proposed legislation from the Presidential Committee on Fiscal Policy and Tax Reforms.