President Bola Tinubu has transmitted four Fiscal Policies and Tax Reform Bills for the Federal Inland Revenue Service to the House of Representatives for accelerated consideration and passage.
One of the bills is seeking the repeal the Federal Inland Revenue Service (FIRS) Act and establishment of the Nigeria Revenue Service while the Joint Revenue Board Establishment Bill intends to create a tax tribunal and a tax ombudsman.
Others are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
Tinubu sent these bills via a letter addressed to the Senate President Godswill Akpabio and the Speaker of the House of Representatives, Rt Hon Abbas Tajudeen which was read on the floor of both chambers on Thursday.
Tinubu stated that the four bills will help actualize the government’s desire for a proper tax and financial regime for Nigeria, and expressed confidence in the usual cooperation of the House of Representatives on such critical matters.
“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions, and fostering a more effective and transparent fiscal regime,” he said.
The president had in his Independence Day national broadcast: “To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers once they are passed into law.”
