President Bola Ahmed Tinubu has submitted four tax reform bills to the House of Representatives, urging for their consideration and prompt passage.
The announcement was made during a plenary session on Thursday, where Speaker Abbas Tajudeen read the President’s letter outlining the significance of the proposed legislation.
The bills, designed to align with the objectives of Tinubu’s administration, include the Nigeria Tax Bill 2024. This bill aims to provide a comprehensive fiscal framework for taxation in the country.
Additionally, a tax administration bill is included, which seeks to establish a clear and concise legal framework for all taxes. The primary goal of this bill is to reduce disputes within the tax system.
Another crucial piece of legislation is the Nigeria Revenue Service Establishment Bill. This bill will repeal the existing Federal Inland Revenue Service Act and establish the Nigeria Revenue Service. Furthermore, the Joint Revenue Board Establishment Bill is set to create a tax tribunal and a tax ombudsman. These institutions will oversee tax-related disputes and enhance taxpayer protection.
President Tinubu emphasized that these bills are essential for strengthening fiscal institutions across the nation and are in line with the government’s broader objectives. Unfortunately, the article does not provide a direct quote from President Tinubu’s letter.
The proposed reforms are expected to bring significant changes to Nigeria’s tax landscape, promoting efficiency, transparency, and accountability in tax administration. The passage of these bills will mark a significant milestone in Tinubu’s administration’s efforts to reform the country’s tax system.
