By Paul Effiong, Abuja
President Bola Tinubu, has sent the proposed Fiscal Policy and Tax Reform Bill to align with ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance to the Senate for consideration and passage.
The House of Representatives received four bills forwarded by President Bola Tinubu.
They include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill and the Joint Revenue Board Establishment Bill.
The President’s letter was addressed to the Speaker, Honorable Tajudeen Abbas, which was read during yesterday plenary.
Abbas, while reading the letter informed his fellow lawmakers that the bills were designed in line with the objectives of President Tinubu’s administration as well as in tandem with the government policy of the Renewed Hope Agenda.
According to him, the bills are the Nigeria Tax Bill 2024, airmed at providing the fiscal work for tax in the country as well as tax administration bill which will provide clear and concise legal framework for all taxes in the country inorder to arrest and address all perceived disputes.
Meanwhile, the Nigeria Revenue Service Establishment Bill would repeal the existing Federal Inland Revenue Service Act to make away for the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill seeks the creation of a tax tribunal in Nigeria.
On October 1, 2024, during his speech on Nigeria’s 64th Independence Anniversary, Tinubu said some Economic Stabilisation Bills would be transmitted to the National Assembly.
“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law”, he said.
