The Nigerian President, Bola Tinubu has forwarded four tax reforms bills to the Nigeria Senate and House of Representatives asking for their consideration prompt passage.
The name-changing bill for FIRS is contained in the letter read on the floor of the Senate by its President, Godswill Akpabio, and the Speaker, House of Representatives, Tajudeen Abbas.
from Federal Inland Revenue Service, (FIRS), to be named the Nigeria Revenue Service( NRS)
The name-changing bill for FIRS is contained in the letter read on the floor of the Senate by its President, Godswill Akpabio, and the Speaker, House of Representatives, Tajudeen Abbas.
The bills, is to align with the objectives of Tinubu’s administration, include the Nigeria Tax Bill 2024, aimed at providing a comprehensive fiscal framework for taxation in the country.
The Nigeria Revenue Service (Establishment) Bill,” according to President Tinubu, it seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establishes the Nigeria Revenue Service, to assess, collect, and account for revenue accruable to the government of the federation.
Titled: “Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly,” is The Nigeria Tax Bill, which seeks to provide a consolidated fiscal framework for taxation in the Nation
Additionally, a tax administration bill is included, which seeks to establish a clear and concise legal framework for all taxes, with the goal of reducing disputes within the tax system.
According to President Tinubu, the proposed tax bill presents substantial benefits to a library, government connectives and economic growth by enhancing tax payers compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
The President said: “In this, I am confident that these bills, once passed into law, will encourage and stimulate the economy.
“While I pray that the House of Representatives will, in their usual expeditious manner, consider and enact these bills into law, please accept, Mr Speaker, the assurances of my highest consideration and regards.”
