Nigeria’s President, Bola Tibubu has written to the National Assembly seeking lawmakers’ consideration for the quick passage of four tax bills.
The president in his letter which was read on the floor of the plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said that the proposed tax bills have been designed in line with the reforms outlined by his administration.
Reading the president’s letter on Thursday, October 3, Abbas listed the four bills as – Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, the Joint Revenue Board establishment bill.
According to the letter, the Nigeria Tax Bill 2024 would provide the fiscal work for tax in the country.
For the tax administration bill, it will provide a clear and concise legal framework for all taxes in Nigeria and reduce disputes.
In addition, the Nigeria Revenue Service establishment bill seeks to repeal the Federal Inland Revenue Service Act and in turn establish the Nigeria Revenue Service.
Also, the Joint Revenue Board establishment bill will create a tax tribunal and a tax ombudsman.
According to President Tinubu, these four bills will strengthen Nigeria’s fiscal institutions and align with the objective of the government towards the nation’s development.