President Bola Tinubu has formally submitted four key tax reform bills to the National Assembly for deliberation and potential approval. In a letter presented during the plenary sessions of both legislative chambers on Thursday, Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, read the President’s message, explaining that the bills are designed to support the administration’s strategic objectives for economic reform and growth.
The first of these proposed reforms is the Nigeria Tax Bill 2024, which seeks to establish a comprehensive fiscal framework to regulate the country’s tax system. This bill aims to streamline tax regulations and improve transparency in tax collection, aligning with international best practices.
Another significant bill, the Tax Administration Bill, is intended to introduce a clear legal framework for tax administration in Nigeria. By providing a structured approach to tax management, this bill aims to minimize disputes between taxpayers and tax authorities while promoting efficiency in tax processes.
Additionally, the Nigeria Revenue Service Establishment Bill proposes the dissolution of the Federal Inland Revenue Service (FIRS) and the creation of a new entity, the Nigeria Revenue Service. This new agency would assume the responsibilities of tax collection and enforcement, while modernizing the nation’s tax administration system to reflect current realities.
The final bill, the Joint Revenue Board Establishment Bill, advocates for the establishment of a tax tribunal and a tax ombudsman. These bodies would focus on resolving tax disputes and ensuring that the rights of taxpayers are protected.
President Tinubu emphasized that these legislative proposals are vital to strengthening Nigeria’s fiscal institutions and are in line with his administration’s broader economic and development goals for the country. The reforms, if passed, are expected to promote better governance, improve revenue generation, and create a more favorable business environment for economic growth.
