Tinubu demands tax reform, forwards bills to NASS

Tax reform executive bills, which were forwarded by President Bola Tinubu to the Senate President, Godswill Akpabio and the Speaker of the House of Representatives, Rt. Hon. Tajudeen, were read on the floors of the upper and lower legislative houses of the National Assembly on Thursday.

One of the bills from the Federal Inland Revenue Service (FIRS) proposes a far-reaching reform that would change its name to the Nigeria Revenue Service (NRS).

The name-changing bill for FIRS was contained in the letter read on the floor of the Senate by the Senate President, Godswill Akpabio.

“The Nigeria Revenue Service (Establishment) Bill,” according to President Tinubu, seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establish the Nigeria Revenue Service to assess, collect, and account for revenue accruable to the government of the federation.

Other reform bills in the letter titled “Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly” include the Nigeria Tax Bill, which seeks to provide a consolidated fiscal framework for taxation in Nigeria.

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“The Nigeria Tax Administration Bill seeks to provide a clear and concise legal framework for the fair, consistent, and efficient administration of all tax laws to facilitate ease of tax compliance, reduce tax disputes, and optimize revenue.

“The Joint Revenue Board (Establishment) Bill aims to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman for the harmonization, coordination, and settlement of disputes arising from revenue administration in Nigeria.

According to the President, the proposed tax bills present substantial benefits to the library, government connectives, and economic growth by enhancing taxpayer 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.”