President Bola Tinubu has submitted four tax reform bills to the Hoise of Representatives for review and approval.
In a letter presented at Thursday’s plenary session. By Speaker Abbas Tajudeen, the president stated that the bills align with his administration’s objectives.
The proposed legislation includes the Nigeria Tax Bill, aimed at creating a unified fiscal framework for taxation; the Nigeria Tax Administration Bill, designed to establish a clear and efficient legal framework for tax administration, promoting compliance and optimizing revenue.
Additionally , there’s the Nigeria Revenue Service Bill, which seeks to repeal the Federal Inland Revenue Service Establishment Act of 2007 and establish a new revenue service responsible for assessing, collecting, and accounting for government revenue. Lastly, the Joint Revenue Board Establishment Bill aims to creat a board for the harmonization and coordination of revenue administration in Nigeria.
According to President Bola Ahmed Tinubu, “The proposed tax bills present substantial benefits that align with my government objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions on fostering a more effective and transparent fiscal regime.”
He further explained, “I am confident that theses bills, once’s passed into law, will encourage and stimulate the economy. While I pray that the House of Representatives will in their usual expeditious manner consider and enact these bills into law, please accept Mr Speaker the assurances of my highest consideration and regards.”