- President Tinubu Signs Four Major Tax Bills into Law
- The newly signed tax laws are the Nigeria Tax Bill, the Nigerian Tax Administration Bill, the National Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
- The Joint Revenue Board Establishment Bill is expected to sets up critical oversight bodies
President Bola Ahmed Tinubu on Thursday, officially signed four tax bills into law during a ceremony at the Presidential Villa in Abuja, Eko Hot Blog reports.
The newly signed tax laws are the Nigeria Tax Bill, the Nigerian Tax Administration Bill, the National Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
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One of these, the Nigeria Tax Bill (Ease of Doing Business), is designed to streamline Nigeria’s complex tax system by consolidating various tax laws into a single, unified legislation. This will help simplify tax compliance, reduce duplication, and foster a more predictable and business friendly fiscal environment.
The Nigeria Tax Administration Bill establishes a consistent legal and operational framework for tax administration at the federal, state, and local levels.
The National Revenue Service Establishment Bill replaces the existing Federal Inland Revenue Service Act with a more independent and performance based Nigeria Revenue Service (NRS).
This agency will have a broader mandate, including the collection of non tax revenues, and will be guided by transparency, accountability, and efficiency principles.
Lastly, the Joint Revenue Board Establishment Bill introduces a formal structure to promote coordination among tax authorities at all levels of government.
It also sets up critical oversight bodies such as the Tax Appeal Tribunal and the Office of the Tax Ombudsman.
