Nigerian President Bola Tinubu has submitted four pivotal tax reform bills to the House of Representatives, a move that signifies his administration's commitment to strengthening the country's fiscal institutions.
The introduction of these bills is a strategic effort aimed at overhauling Nigeria's tax system, streamlining revenue collection, and enhancing fiscal governance.
The proposed legislation includes the "Nigeria Tax Bill 2024," which is designed to establish a comprehensive fiscal framework for taxation in the country. This bill is expected to provide the necessary groundwork for effective tax management and policy implementation.
Another important component is the "Tax Administration Bill," which aims to provide a clear and concise legal framework for all taxes in Nigeria, thereby reducing disputes and ambiguities in tax administration.
Additionally, the "Nigeria Revenue Service Establishment Bill" seeks to repeal the existing Federal Inland Revenue Service Act and establish a new entity, the Nigeria Revenue Service. This change is intended to modernize and improve the efficiency of tax collection processes.
Complementing this is the "Joint Revenue Board Establishment Bill," which proposes the creation of a tax tribunal and a tax ombudsman. These entities are envisioned to play crucial roles in resolving tax-related issues and ensuring accountability within the tax system.
In a letter read at plenary by Speaker Abbas Tajudeen, President Tinubu emphasized that these bills were crafted in alignment with the objectives of his administration. The reforms are not only a reflection of the government's intent to enhance fiscal governance but also a response to the need for a more robust and efficient tax infrastructure in Nigeria.
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