President Bola Tinubu has forwarded tax reform executive bills to Senate President Godswill Akpabio and House Speaker Rt. Hon. Tajudeen, which was read on the floors of the National Assembly’s upper and lower legislative chambers on Thursday.
One of the Federal Inland Revenue Service’s (FIRS) proposals seeks a broad overhaul that will change the agency’s name to the Nigeria Revenue Service.
The FIRS name-change bill was included in a letter delivered on the Senate floor by 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 federation’s government.
Other reform proposals in the letter headed “Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly” include the Nigeria Tax Bill, which aims to develop a coherent fiscal framework for Nigerian taxes.
According to President Tinubu:
“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.
“I am confident that the bill, when passed, will encourage investment, boost consumer spending, and stimulate Nigeria’s economic growth.”
According to the President, the proposed tax measures would assist the library, government infrastructure, and economic growth by increasing taxpayer compliance, strengthening fiscal institutions, and encouraging a more effective and transparent fiscal system.
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cc: Daily Post Ng
