Federal Government has sent four tax reform bills to the National Assembly to amend the Federal Inland Revenue Act. The act when amended will result in the repealing of FIRS act and establish Nigeria revenue service. This was disclosed in a letter read by the Senate President, Godswill Akpabio and the Speaker House of Representatives, Abbas Tajudeen, during their respective plenary sessions on Thursday. The bills include the Nigeria Tax Bill 2024, the tax administration bill, the Joint Revenue Board establishment and the Nigeria Revenue Service establishment bill, which if passed, will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service. According to the bill, the Nigeria Tax Bill 2024, is targeted at providing the fiscal work for tax in the country; the tax administration bill is aimed at providing a clear and concise legal framework for taxes in the country and reduce disputes, while the Joint Revenue Board establishment bill will create a tax tribunal and ombudsman.
The president said the bill, sent to the lawmakers for consideration and quick passage, if passed, will improve the country’s tax payer compliance, will attract more investment, and strengthen fiscal institutions in the country, thereby helping his administration’s objectives. “The proposed Tax Reform Bills present substantial benefits that aligned with my government objectives and Fiscal reform and economic growth by enhancing Tax payer compliance, strengthening our physical institutions and fostering a more effective and fiscal regime,” Mr Tinubu said in the letter.
