President Bola Ahmed Tinubu has submitted four tax reform bills to the House of Representatives for consideration and quick passage.
In a letter read at plenary by the Speaker, House of Representatives, Abbas Tajudeen on Thursday, the President said the bills were designed in line with the objectives of his administration.
The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for tax in the country and tax administration bill that will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
The others are Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service and the Joint Revenue Board Establishment Bill that will create a tax tribunal and a tax ombudsman.
He said the bills will strengthen fiscal institutions in the country and align with the objective of the government.
It could be recalled that the President had on October 1, said some Economic Stabilisation Bills would be transmitted to the National Assembly.
Also, the Senate has received President Bola Tinubu’s communication seeking consideration and passage of the proposed Fiscal Policy and Tax Reform Bill to align with ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance.
On October 1, 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.
Also, the Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the Withholding Tax Regulations 2024 has been gazetted.
“I do have some good news; the good news is that the withholding tax regulation has now been gazetted. So, the only reason it hasn’t been published today is because it is public holiday, so first thing tomorrow you will see a copy of the gazette and that provides a lot of relief not just for manufacturers but also every other business in terms of taking away some of the burdens of funding their working capital,” Oyedele said.
