In a significant move to reshape the country’s tax system, President Bola Tinubu has submitted four tax reform bills to the House of Representatives. The submission was announced during a plenary session on Thursday, with Speaker Abbas Tajudeen reading the President’s letter, which called for the speedy consideration and passage of the bills.
The proposed bills—designed to align with the Tinubu administration’s fiscal objectives—include the Nigeria Tax Bill 2024, which aims to lay the foundation for the country’s overall tax structure. This bill will provide the fiscal framework necessary for managing taxation across the country.
In addition, the Tax Administration Bill is intended to streamline and clarify the legal structures surrounding taxation, thereby minimizing the possibility of disputes between taxpayers and tax authorities.
Two other key pieces of legislation are the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill. The former proposes to repeal the Federal Inland Revenue Service (FIRS) Act and replace it with the Nigeria Revenue Service, a new body that would assume the functions of FIRS. The latter bill seeks to establish a tax tribunal and tax ombudsman, enhancing the country’s tax adjudication system and providing recourse for tax-related grievances.
President Tinubu emphasized that these reforms are intended to strengthen Nigeria’s fiscal institutions and improve tax administration efficiency, aligning with the government’s broader economic goals of fiscal responsibility and revenue generation. The bills mark a critical step in addressing long-standing challenges in Nigeria’s taxation system, as the government aims to improve compliance and reduce tax evasion.
As the bills move to the legislative phase, the administration is keen on garnering swift support from the House of Representatives to ensure their timely passage into law.
