President Bola Tinubu will, on Thursday (today), sign into law four groundbreaking tax reform bills that will transform Nigeria’s fiscal and revenue framework.
The four bills, the Nigeria Tax Bill; the Nigeria Tax Administration Bill; the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were passed by the National Assembly after extensive consultations with various interest groups and stakeholders. …CONTINUE READING
According to a statement by presidential spokesman, Bayo Onanuga, when the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
The historic presidential assent to the bills at the Presidential Villa, Abuja, will be witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House of Representatives counterpart.
The statement read, “the Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordination Minister of the Economy, and the Attorney General of the Federation will also attend the ceremony.
“One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute.
“By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.
“The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
“The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS). It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
“The fourth bill is the Joint Revenue Board (Establishment) Bill. It provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government. It introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman.”
Barry Avotu Johnson: 10 Things To Know About Peter Obi’s Obidient Peoples Party National Chairman
-Source: Leadership