Four tax reform proposals that President Bola Tinubu has submitted to the House of Representatives are awaiting prompt review and passage.
In a letter read aloud by Speaker Abbas Tajudeen on Thursday in plenary, the President stated that the laws were drafted in accordance with the goals of his administration.
The Nigeria Tax Bill 2024, which is anticipated to give the fiscal framework for taxes in the nation, and the Tax Administration Bill, which will provide a clear and simple legal framework for all taxes in the nation and lessen disputes, are the legislation mentioned in the letter.
The other two are the Joint Revenue Board Establishment Bill, which would establish a tax tribunal and a tax ombudsman, and the Nigeria Revenue Service establishment bill, which would repeal the Federal Inland Revenue Service Act and form the Nigeria Revenue Service.
According to Tinubu, the laws will support the government’s goals and fortify the nation’s budgetary institutions.
More details shortly…
