President Bola Tinubu has taken a significant step towards reforming Nigeria’s tax system by submitting four bills to the National Assembly for consideration.
Speaker of the House of Representatives Tajudeen Abbas and Senate President Godswill Akpabio read a letter during their respective plenary sessions on Thursday, explaining that the President had crafted the bills to align with his administration’s goals.
The proposed bills include the Nigeria Tax Bill 2024, which aims to establish a comprehensive fiscal framework for tax regulation.
The Tax Administration Bill seeks to provide a clear and concise legal structure for managing taxes in Nigeria to reduce disputes and enhance efficiency.
The Nigeria Revenue Service Establishment Bill also aims to establish the Nigeria Revenue Service and repeal the Federal Inland Revenue Service Act.
To address tax-related matters, the Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman.
The president believes the newly proposed bills will significantly strengthen Nigeria’s fiscal institutions, aligning perfectly with his administration’s overarching goals for the country’s development.
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