President Tinubu said the proposed fiscal policy and tax reform bill aligned with ongoing financial reforms of the Federal Government and will enhance efficiency in tax compliance.
President Bola Tinubu has transmitted four fiscal tax reform bills to the House of Representatives for consideration and expeditious passage.
In a letter addressed to the speaker, Rep. Tajudeen Abbas on Thursday October 3, 2024, President Tinubu said the proposed bills present substantial benefits that align with his government’s objectives.
According to the correspondence, the bills are: the Nigeria Tax Bill 2024 which is expected to provide the consolidated fiscal framework for tax in the country, Tax Administration bill which will provide a clear and concise legal framework for all taxes in the country and reduce disputes. The others are the Nigeria Revenue Service establishment bill which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service and the Joint Revenue Board establishment bill which will create a tax tribunal and a tax ombudsman.
The president’s letter partly reads: “I write to forward herewith the fiscal tax reform bill by the Federal Inland Revenue Service for consideration and passage by the house.
“One of the bills is the Nigeria Tax Bill, which should provide a consolidated fiscal framework for taxation in Nigeria. The second one is the Nigeria Tax Administration Bill, which shall provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax and optimize the revenue.
“The fourth one is the Joint Revenue Board establishment bill which shall establish the joint revenue board and provide for the harmonization, coordination, and settlement of these things arising from revenue administration in Nigeria.
“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime.
“I am confident that these bills, once passed into law, will encourage and stimulate the economy.
“While I pray that the House of Representatives will in their usual expeditious manner considered and enact these bills into law, please accept, Mr Speaker the assurances of my highest consideration and regards.”
OrderPaper recalls that on October 1, 2024, during his speech on Nigeria’s 64th Independence Anniversary, Tinubu said some economic stabilisation bills would be transmitted to the National Assembly
“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the economic stabilisation bills, which will now be transmitted to the National Assembly. Tinubu said
