The announcement was made during a plenary session on Thursday, where Speaker Abbas Tajudeen read the President’s letter, highlighting the importance of the proposed legislation.
The bills aim to align with Tinubu’s administration’s objectives and include the Nigeria Tax Bill 2024, which seeks to establish a comprehensive fiscal framework for taxation in the country.
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Another key component is the tax administration bill, designed to create a clear legal framework for all taxes, aiming to reduce disputes within the tax system.
House of Reps
The Nigeria Revenue Service Establishment Bill will repeal the existing Federal Inland Revenue Service Act and establish the Nigeria Revenue Service as a new entity.
Lastly, the Joint Revenue Board Establishment Bill aims to create a tax tribunal and a tax ombudsman to oversee tax-related disputes and enhance taxpayer protection.
President Tinubu emphasized that these bills are crucial for strengthening fiscal institutions across the nation and align with the government’s broader objectives.
The proposed reforms are anticipated to significantly impact Nigeria’s tax landscape, promoting efficiency and transparency in tax administration.
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