Tinubu transmits tax reform bills to National Assembly

President Bola Tinubu has transmitted four tax reform bills to the National Assembly to streamline tax collection, ensure compliance, and optimise revenue.

In a letter to the Senate and House of Representatives on Thursday, the president said the bills will provide a clear and concise framework for the efficient administration of all tax laws, ensuring compliance and reducing tax disputes.

Tinubu in his speech to mark Nigeria’s 64th Independence anniversary on Tuesday, had said some economic stabilisation bills would be transmitted to the National Assembly to make the business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

Read also: FG to begin implementation of new tax laws by January 2025

The president transmitted the Nigeria Revenue Service Establishment Bill which seeks to repeal the Federal Inland Revenue Service Bill N0. 13 of 2007 and establish the Nigeria Revenue Service, to access, collect and account for revenue accrued to the federation.

The president also transmitted the Joint Revenue Board Establishment Bill which seeks to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman for the harmonisation and coordination and settlement of disputes arising from revenue administration in Nigeria.

The other bills are the Nigeria Tax Bill 2024 which is expected to provide the fiscal work for tax in the country, and the Tax Administration Bill which will provide a clear and concise legal framework for all taxes in the country.

“I write to forward herewith the Fiscal and Tax Reform Bills by the Federal Inland Revenue Service for consideration and passage by the Senate.

“The proposed tax bills present substantial benefits to align with my government’s objectives on fiscal reform and economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions, and fostering a more effective and transparent fiscal regime”, Tinubu wrote.

Read also: Five banks pay N172bn taxes in six months

The president urged the Senate to give the bills expeditious consideration.

Godswill Akpabio, the Senate president, referred the bills to the Senate committee on finance and mandated the committee to report back in three weeks.