President Bola Tinubu has declared that the new tax Bills he signed into law on Thursday will open doors for new economy.
Speaking at the signing ceremony at the State House, President Tinubu said that the occasion presented a new lease of life to every Nigerian and future generation.
Bayo Onanuga, the special adviser to the president on information and strategy, said the President noted that the new laws are ” pivotal to the success of the administration’s reforms and the country’s prosperity”.
The bills are the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
“What we did a few minutes ago is the way forward for our country’s prosperity. Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination. That is what we are doing.
“We are in transit; we have changed the roads, we have changed some of the misgivings, we have opened the doors to a new economy, business opportunities. We have shown the world that Nigeria is ready and open for business,” the President stated.
President Tinubu commended the leadership and members of the National Assembly for passing the bills despite initial misunderstandings.
(Business Day)
