President Bola Tinubu has transmitted the Fiscal Policy and Tax Reform Bill to the Senate. The proposed legislation is aimed at streamlining tax collection, ensuring compliance and optimising revenue.
In a letter transmitted Thursday, the president said the bills would provide a clearer and more concise framework for the efficient administration of all tax laws.
The President also transmitted the Nigeria Revenue Service Establishment Bill and four other bills. This bill seeks to repeal the Federal Inland Revenue Service Bill no 13 of 2007 and establish the Nigeria Revenue Service to access, collect and account for revenue accrued to the federation
Read also: FG to begin implementation of new tax laws by January 2025
The President also transmitted the Joint Revenue Board Establishment Bill. He urged the Senate to give the Bills expeditious consideration saying they align with his government’s objectives to foster a more effective tax regime.
He added that once passed into law, the bills will stimulate the Nigerian economy.
Godswill Akpabio, the Senate President, referred the bills to the Senate Committee on Finance and report back in three weeks.
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