On Thursday, President Bola Tinubu submitted four executive bills to the National Assembly, targeting comprehensive tax reforms. One of the major proposals is renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS), which will be responsible for assessing, collecting, and accounting for federal revenues.
In a letter read by Senate President Godswill Akpabio, the bill titled “The Nigeria Revenue Service (Establishment) Bill” aims to repeal the Federal Inland Revenue Service (Establishment) Act of 2007. The other bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill, all aimed at creating a transparent and efficient fiscal regime.
President Tinubu emphasized that the reforms will enhance taxpayer compliance, strengthen fiscal institutions, and encourage investment, ultimately boosting Nigeria’s economic growth.
The letter, titled “Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly,” also included three other reform bills:
The Nigeria Tax Bill aims to provide a consolidated fiscal framework for taxation in Nigeria.
The Nigeria Tax Administration Bill seeks to establish a clear legal framework for fair and efficient tax administration, promoting ease of compliance, reducing disputes, and optimizing revenue collection.
The Joint Revenue Board (Establishment) Bill proposes the creation of a Joint Revenue Board, Tax Appeal Tribunal, and the Office of the Tax Ombudsman, all intended to harmonize revenue administration and resolve disputes.
President Tinubu reiterated the benefits of the proposed reforms, which aim to improve taxpayer compliance, strengthen fiscal institutions, and create a more transparent fiscal regime.
According to the President, the proposed tax bill presents substantial benefits to a library, government connectives, and economic growth by enhancing taxpayers’ compliance strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
“I am confident that the bill when passed, will encourage investment, boost consumer spending, and stimulate Nigeria’s economic growth”, he stressed.
(National Update)
