President Bola Tinubu has submitted four bills on fiscal policy and tax reform to the National Assembly for accelerated consideration and enactment.
One of the bills tagged Economic Stabilization Bill seeks the repeal of the Federal Inland Revenue Service (FIRS) Act and the enactment of its replacement by the Nigeria Revenue Service Act, while the Joint Board of Revenue (Establishment) Bill seeks to It is intended to create a court. and the national tax ombudsman.
Others include the Nigeria Tax Bill 2024, which is expected to provide a fiscal framework for taxation in Nigeria, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes. There is.
Tinubu conveyed the bill through a letter to the Speaker of the House of Representatives. Abbas Tajudeen speech read out on the floor of the House of Commons during Thursday’s plenary session.
Mr. Tinubu said the four bills would help realize the government’s desire for an adequate tax and fiscal system for Nigeria, and expressed confidence in the House’s regular cooperation on such important issues.
He said: “The proposed tax bill will meet the government’s goals for economic growth by enhancing taxpayer compliance, strengthening fiscal institutions and promoting a more effective and transparent fiscal regime. “This will bring substantial benefits in line with fiscal reform.”
“In order to stimulate our country’s productive capacity and create more jobs and prosperity, the Federal Executive Council has approved the Economic Stabilization Bill, which will be submitted to Parliament in the coming days,” the president said on national television on Independence Day. ”.
“These transformational bills, if passed, will make our business environment friendlier, stimulate investment and reduce the tax burden for businesses and workers.”
