As part of measures to address the challenges in tax administration in Nigeria, President Bola Tinubu has presented four executive bills before the National Assembly, seeking approval.
Tinubu said that bills, when they become law, will encourage investment, boost consumer spending, and stimulate Nigeria’s economic growth.
Both chambers of the National Assembly announced receipt of the bills that the president seeks to reform the country’s tax system on Thursday.
One of the bills titled, “The Nigeria Revenue Service (Establishment) Bill, 2024, is seeking the National Assembly approval to change the name Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS).
In a letter read by the President of the Senate, Godswill Akpabio, during plenary, Tinubu asked the lawmakers to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007.
Other reform bills in the letter titled, ‘Transmission of Fiscal Policy and Tax Reform Bills transmitted to the National Assembly by the President are the Nigeria Tax Bill which seeks to provide a consolidated fiscal framework for taxation in Nigeria.
The Nigeria Tax Administration Bill seeks to 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 and reduce tax disputes to optimise revenue was also transmitted.
Similarly, the President transmitted the Joint Revenue Board (Establishment) Bill which aims at establishing 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 the country.
Tinubu said, “I am confident that the bill when passed, will encourage investment, boost consumer spending, and stimulate Nigeria’s economic growth.”
