“TINUBU SIGNS FOUR GROUNDBREAKING TAX REFORM BILLS INTO LAW”
GREATRIBUNETVNEWS–President Bola Tinubu on Thursday signed four landmark tax reform bills into law , aiming to overhaul Nigeria’s fiscal and revenue landscape.
THIS POST IS SPONSORED BY SHELL NIGERIA
The bills include :
– Nigeria Tax Bill (Ease of Doing Business): Consolidates Nigeria’s fragmented tax laws into a harmonized statute, reducing multiplicity of taxes and eliminating duplication to enhance the ease of doing business.
– Nigeria Tax Administration Bill: Establishes a uniform legal and operational framework for tax administration across federal, state, and local governments, streamlining tax processes and improving consistency.
– Nigeria Revenue Service (Establishment) Bill: Repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service, with an expanded mandate including non-tax revenue collection.
– Joint Revenue Board (Establishment) Bill: Provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government, introducing essential oversight mechanisms like a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
The signing ceremony, took place on Thursday at the Presidential Villa in Abuja, it was witnessed by high-ranking government officials, including the Senate President, Speaker of the House of Representatives, and the Minister of Finance. These tax reforms are expected to significantly transform tax administration, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments
When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
The historic presidential assent to the bills at the Presidential Villa, Abuja, was witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.
The Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordination Minister of the Economy, and the Attorney General of the Federation were also attend the ceremony.
One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute.
By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.
The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS). It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
The fourth bill is the Joint Revenue Board (Establishment) Bill. It provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government. It introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
