Tinubu sends 4 reform bills to National Assembly

President Bola Tinubu, has sent a request to the National Assembly, urging lawmakers to expedite the approval of four new tax bills....CONTINUE READING>>>

In the letter, which was read during a House of Representatives plenary by Speaker Tajudeen Abbas, Tinubu highlighted that these proposed tax reforms are in line with the goals of his administration’s broader economic policies. CONTINUE READING>>>

During the session on Thursday, October 3, Abbas listed the four bills: the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

The president explained that the Nigeria Tax Bill 2024 aims to establish a fiscal framework for managing taxes across the country.

The Tax Administration Bill is intended to create a clear legal structure for handling taxes, which will help minimize conflicts and legal disputes over tax matters.

Additionally, the Nigeria Revenue Service Establishment Bill proposes to replace the Federal Inland Revenue Service Act, setting up a new body called the Nigeria Revenue Service.

Lastly, the Joint Revenue Board Establishment Bill will form a tax tribunal and a tax ombudsman to further streamline the tax process. CONTINUE READING>>>

President Tinubu believes that passing these bills will enhance Nigeria’s fiscal institutions and support the government’s broader objectives for national growth.