President Bola Ahmed Tinubu is introducing something new in Nigeria’s tax administration. He has just submitted four groundbreaking tax reform bills to the House of Representatives for swift approval.
These bills are designed to propel the country’s economic growth and streamline its fiscal institutions.
The Four Tax Reform Bills:
— Nigeria Tax Bill 2024: This bill will provide the much-needed fiscal framework for taxation in Nigeria, outlining the rules of the game for tax collection and administration.
— Tax Administration Bill : This seeks to explain a more concise tax legal framework. This bill aims to reduce disputes and make tax administration a easy.
— Nigeria Revenue Service Establishment Bill : Seeks to change the Federal Inland Revenue Service Act completely. This bill will establish the Nigeria Revenue Service, modernizing tax collection and management.
— Joint Revenue Board Establishment Bill : This bill will create a tax tribunal and a tax ombudsman, ensuring fairness and transparency in tax disputes.
These reforms are crucial for Nigeria’s economic development, as they’ll strengthen fiscal institutions, promote economic growth, and align with the government’s objectives. With these bills, President Tinubu is opening Nigeria for more business with committed to fiscal responsibility.
The Presidential Committee on Fiscal Policy and Tax Reforms has already submitted its report to President Tinubu, outlining the roadmap for these reforms. And, as part of the holistic fiscal policy reform, the Federal Government has gazetted the Deduction of Tax at Source (Withholding Tax) Regulations 2024 fewdaysago, offering relief to manufacturers and businesses.