President Bola Tinubu has submitted four tax reform bills to the National Assembly for consideration.
In a letter read during their respective plenary sessions by Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, on Thursday, October 3, the President explained that the bills were crafted to align with his administration’s goals.
The proposed bills include the Nigeria Tax Bill 2024, which aims to establish a comprehensive fiscal framework for tax regulation.
The Tax Administration Bill seeks to provide a clear and concise legal structure for managing taxes in Nigeria to reduce disputes and enhance efficiency.
Additionally, the Nigeria Revenue Service Establishment Bill is intended to repeal the Federal Inland Revenue Service Act and create the Nigeria Revenue Service.
The Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman to address tax-related matters.
Tinubu stated that these bills would bolster Nigeria’s fiscal institutions and are in line with his government’s broader development objectives for the country.