President Bola Tinubu has sent four fiscal policy and tax reform bills for the Federal Inland Revenue Service to the House of Representatives for accelerated consideration and passage.
One of the bills seeks to repeal the Federal Inland Revenue Service (FIRS) Act and establish the Nigeria Revenue Service, while the Joint Revenue Commission Bill aims to create a tax court and a 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.
Mr Tinubu sent these bills through a letter addressed to Senate President Godswill Akpabio and Speaker of the House of Representatives, Rt Hon Abbas Tajudeen, which were read out on the floor of both houses on Thursday.
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.”
“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 now be submitted to Congress,” the President said in a national broadcast on Independence Day. It is.
“These innovative bills, if passed, will make our business environment friendlier, stimulate investment and reduce the tax burden for businesses and workers.”
