- The proposed legislations are the Nigeria tax bill, tax Administration bill, and Joint Revenue Board establishment bill.
- The president said the bills would stimulate the country’s economy.
President Bola Tinubu has urged the National Assembly to pass four crucial tax reform bills, aiming to boost Nigeria’s economy.
These bills were outlined in letters presented to the House of Representatives and Senate on Thursday.
The proposed legislation includes the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill.
Additionally, Tinubu seeks to repeal the Federal Inland Revenue Service law and replace it with the Nigeria Revenue Service.
According to the President, these bills will stimulate economic growth.
“One of the bills is the Nigeria Tax Bill, which should provide a consolidated fiscal framework for taxation in Nigeria,” he said.
“The second one is the Nigeria Tax Administration Bill, which shall provide 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 and optimize the revenue.”
“The third bill is our respect of the Nigerian Revenue Service which seeks to repeal the Federal Inland Revenue Service Establishment Act number 13 of 2007 and establishes the Nigerian Revenue Service to assess, collect and account for revenue accruable to the government of the federation.”
“The fourth one is the Joint Revenue Board establishment bill which shall establish the joint revenue board and provide for the harmonization, coordination, and settlement of these things arising from revenue administration in Nigeria.”
Tinubu emphasized that these bills align with his administration’s fiscal reform goals, focusing on economic growth through enhanced taxpayer compliance.