Nigeria’s President, Bola Tibubu, has sent a request to the National Assembly, asking for prompt consideration of four tax bills.
During a session, the Speaker of the House of Representatives, Tajudeen Abbas, read out the president’s letter, where it was mentioned that the proposed tax legislation reflects the reform agenda of the current administration.
On Thursday, October 3, Abbas detailed the four bills as follows: the Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, and the Joint Revenue Board establishment bill.
The Nigeria Tax Bill 2024 aims to set the groundwork for taxation in the nation. Regarding the tax administration bill, its goal is to create a straightforward legal structure for all taxes in Nigeria, aiming to minimize disagreements.
Furthermore, the Nigeria Revenue Service establishment bill intends to replace the current Federal Inland Revenue Service Act with the establishment of the Nigeria Revenue Service. The Joint Revenue Board establishment bill will set up a tax tribunal and a tax ombudsman.
President Tinubu believes that these four bills will enhance Nigeria’s financial institutions and support the government’s goal of developing the nation.
