President Bola Tinubu has submitted four key tax reform bills to the House of Representatives for consideration and expedited approval.
In a letter read by Speaker Abbas Tajudeen on Thursday, Tinubu explained that the bills align with the administration’s objectives of strengthening fiscal institutions and streamlining tax administration in Nigeria.
The proposed bills include:
– Nigeria Tax Bill 2024: Aims to provide a comprehensive fiscal framework for taxation.
– Tax Administration Bill: Seeks to establish a clear legal framework for all taxes, reducing disputes.
– Nigeria Revenue Service Establishment Bill: Repeals the Federal Inland Revenue Service Act to create the Nigeria Revenue Service.
– Joint Revenue Board Establishment Bill: Proposes the creation of a tax tribunal and tax ombudsman.
The bills are designed to bolster Nigeria’s fiscal institutions and modernize the tax system. Further details are expected soon.
