President Bola Tinubu has officially submitted four tax reform bills to the National Assembly, aiming to enhance Nigeria’s tax system and align it with his administration’s developmental goals.
During plenary sessions on Thursday, October 3, Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas read the President’s letter detailing the proposed legislation. The initiatives are designed to modernize and streamline Nigeria’s tax framework.
The centerpiece of the reform package is the Nigeria Tax Bill 2024, which seeks to establish a comprehensive fiscal framework for tax regulation across the nation. This bill is expected to provide a solid foundation for tax administration, aiming to enhance compliance and revenue generation.
In addition, the Tax Administration Bill aims to create a clear and efficient legal structure for tax management, intending to minimize disputes and improve operational efficiency within the tax system.
Another significant proposal is the Nigeria Revenue Service Establishment Bill, which seeks to repeal the existing Federal Inland Revenue Service Act and replace it with a more robust Nigeria Revenue Service. This change is intended to better equip the agency to handle Nigeria’s evolving tax landscape.
Finally, the Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman to address tax-related issues, ensuring that taxpayer grievances are effectively managed and resolved.
President Tinubu emphasized that these legislative measures are essential for strengthening Nigeria’s fiscal institutions and are aligned with his administration’s broader objectives for national development.
The submission of these bills marks a critical step in reforming the country’s tax system and fostering economic growth.
