President Bola Tinubu has submitted four tax reform bills to the House of Representatives, calling for their swift review and approval.
During Thursday’s plenary session, Speaker Abbas Tajudeen read out the President’s letter, which underscored the importance of the proposed legislation.
The bills, which align with the objectives of Tinubu’s administration, include the Nigeria Tax Bill 2024.
It aims to establish a comprehensive fiscal framework for the country’s taxation system.
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Another bill focuses on tax administration, proposing a clear and concise legal framework for all taxes to minimise disputes within the tax system.
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The Nigeria Revenue Service Establishment Bill is also on the table, which seeks to replace the existing Federal Inland Revenue Service Act with the new Nigeria Revenue Service.
In addition, the Joint Revenue Board Establishment Bill aims to create a tax tribunal and a tax ombudsman to oversee tax-related disputes and enhance taxpayer protection.
According to Tinubu, these bills are crucial for strengthening fiscal institutions across Nigeria and are in line with the government’s broader objectives.
Furthermore, these proposed reforms are expected to greatly transform Nigeria’s tax landscape, promoting greater efficiency and transparency in tax administration.
