By Mary Onyia
President Bola Tinubu has submitted his four key tax reforms to the National Assembly for consideration and passage. The proposed tax reforms are part of the Federal Government’s ongoing financial reforms to enhance efficiency in tax collection and compliance.
Consequently, the Speaker of the House of Representatives, Hon. Tajudeen Abbas on Thursday confirmed the receipt of four bills by the President. They include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
Tinubu’s letter reads in part, “I write to forward herewith the Fiscal and Tax Reform Bills by the Federal Inland Revenue Service for consideration and passage by the Senate.
“i. The Nigeria Tax Bill: provides a consolidated fiscal framework for taxation in Nigeria;
“ii. The Nigeria Tax Administration Bill: provides a clear and concise legal framework for the fair, consistent, and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax disputes, and optimize revenue.
“The Nigeria Revenue Service (Establishment) Bill: repeals the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007 and establishes the Nigeria Revenue Service to assess, collect and account for revenue accruable to the government of the federation;
“iv. The Joint Revenue Board (Establishment) Bill: establishes the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of The Tax Ombudsman for the harmonization, coordination, and settlement of disputes arising from revenue administration in Nigeria.
“The proposed tax bill presents substantial benefits to a library, government connectives, and economic growth by enhancing taxpayers’ compliance strengthening fiscal institutions, and fostering a more effective and transparent budgetary regime.
“I am confident that the bill will encourage investment, boost consumer spending, and stimulate Nigeria’s economic growth,” the President wrote.
The Nigeria Tax Bill 2024, is designed to lay out the fiscal work for tax in the country and tax administration bill which will provide a clear and concise legal framework for all taxes in the country aimed at facilitating ease of tax compliance, reducing tax disputes and optimizing revenue.
The bills described by the government as ‘transformative’ are intended to make the business environment more friendly, stimulate investment, and minimize the tax burden on businesses and workers once passed into law.
Similarly, the Senate President, Godswill Akpabio, on Thursday during plenary in Abuja read President Tinubu’s letter to his colleagues.
Recall that on October 1, 2024, during his speech on Nigeria’s 64th Independence Anniversary, Tinubu said some Economic Stabilisation Bills would be transmitted to the National Assembly.