President Bola Tinubu has taken a significant step towards overhauling Nigeria’s tax system, submitting four comprehensive reform bills to the National Assembly for consideration.
The proposed legislation, outlined in a letter read by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, aims to align with Tinubu’s administration goals.
Key Bills:
- Nigeria Tax Bill 2024: Establishes a comprehensive fiscal framework for tax regulation.
- Tax Administration Bill: Provides a clear and concise legal structure for managing taxes, reducing disputes and enhancing efficiency.
- Nigeria Revenue Service Establishment Bill: Repeals the Federal Inland Revenue Service Act, creating the Nigeria Revenue Service.
- Joint Revenue Board Establishment Bill: Creates a tax tribunal and tax ombudsman to address tax-related matters.
These reforms are designed to bolster Nigeria’s fiscal institutions and support the government’s broader development objectives.
By streamlining tax regulation and administration, the bills aim to improve efficiency, reduce disputes, and enhance revenue collection
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