….Proposes Change Of FIRS To Nigeria Revenue Service
President Bola Tinubu on Thursday submitted four tax bills to the National Assembly for passage in furtherance of his current efforts to holistically reform the nation’s fiscal regime.
The President, in a letter read at plenary sessions of the two chambers of the National Assembly by the President of the Senate, Sen. Godswill Akpabio, and the Speaker, Hon. Tajudeen Abbas, stated that the bills were designed in line with the fiscal reform objectives of his administration.
According to the letter, the bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal work for tax in the country, and the Tax administration Bill, which will provide clear and concise legal framework for all taxes in the country and reduce disputes.
Others are the Nigeria Revenue Service Establishment Bill, which seeks to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.
In the letter titled ‘The Nigeria Revenue Service (Establishment) Bill’, Tinubu stated that the bill 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.
Also, in another reform bill’s letter 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 Nigeria.
There is also the Nigeria Tax Administration Bill, which seeks to provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax disputes and optimize revenue.
The Joint Revenue Board (Establishment) Bill forwarded to the National Assembly by the President for passage 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 President Tinubu, the proposed tax bill presents substantial benefits to the country, government connectives and economic growth by enhancing tax payers compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
Tinubu expressed his optimism that the bills, if passed into law, would encourage and stimulate the economy.
