October 03, (THEWILL) – President Bola Tinubu has submitted four tax reform bills to the National Assembly for consideration and quick passage.
The President, in a letter read on Thursday, at plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said the bills were designed in line with the objectives of his administration.
The bills include: the Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.
According to the letter, the Nigeria Tax Bill 2024 would provide the fiscal work for tax in the country. The Tax Administration Bill will provide a clear and concise legal framework for all taxes in Nigeria and reduce disputes.
While the Nigeria Revenue Service Establishment Bill seeks to repeal the Federal Inland Revenue Service Act and in turn establish the Nigeria Revenue Service, the Joint Revenue Board Establishment Bill will create a tax tribunal and a tax ombudsman.
The bills “will strengthen Nigeria’s fiscal institutions and align with the objective of the government towards the nation’s development”, President Tinubu said.
