President Bola Tinubu Submits Four Tax Reform Bills to House of Representatives
President Bola Tinubu, via a letter, as submitted four comprehensive tax reform bills to the House of Representatives for consideration and swift passage. The bills, aimed at overhauling Nigeria’s tax system, were read at plenary by Speaker Abbas Tajudeen on Thursday.
According to President Tinubu, the bills are designed to align with the objectives of his administration. The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
The Nigeria Tax Bill 2024 is expected to provide the fiscal framework for tax in Nigeria, streamlining the tax system and promoting economic growth. The Tax Administration Bill seeks to establish a clear and concise legal framework for all taxes, reducing disputes and enhancing tax administration efficiency.
Additionally, the Nigeria Revenue Service Establishment Bill aims to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, modernizing the country’s revenue collection framework. The Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman, ensuring fairness and transparency in tax dispute resolution.
President Tinubu stated that these bills will strengthen fiscal institutions in the country and align with the objective of his government.
