The Tax Reform Bills that are presently being considered by the National Assembly have the support of the Fiscal Responsibility Commission, or FRC.
This was revealed by Commission Chairman Victor Muruako during a conversation with scholars and reporters on the fringes of the Capital Market Academics of Nigeria’s (CMAN) Monday in Abuja Fellowship Lecture and Investiture Ceremony.
The Commission’s head, Strategic Communications Officer Bede Anyanwu, said in a statement on Tuesday that after critically examining the proposals, the Commission concluded that none of the issues or items were slanted to favor any one area or segment of the nation.
“The bills rather create a more equitable distribution of resources amongst Nigeria’s federating states,” Muruako added.
The Commission’s assessments, according to Muruako, further demonstrate that the proposed reforms are intended to help all Nigerians, but especially low-income earners and Micro, Small, and Medium-Sized Businesses, or MSMBs.
He outlined some of the main advantages of the revisions, such as tax breaks for low-income workers and the reduction in income tax paid by those making less than N1.7 million a year.
According to reports, the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill 2024, the Joint Revenue Board of Nigeria (Establishment) Bill 2024, and the Nigeria Revenue Service (Establishment) Bill 2024 are among the tax reform bills being considered.
Nonetheless, President Bola Tinubu’s October 3, 2024, submission of the measures to the National Assembly has generated intense national discussion.
