President Bola Tinubu has submitted four significant executive bills to the Senate and House of Representatives aimed at comprehensive tax reforms in Nigeria.
One of the reforms proposes to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS). This change is part of a broader effort to modernize revenue collection and management in the country.
The Nigeria Revenue Service (Establishment) Bill seeks to repeal the existing Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establish the NRS. The new service would be responsible for assessing, collecting, and accounting for revenue accruable to the federal government.
The Nigeria Tax Bill aims to provide a consolidated fiscal framework for taxation in Nigeria, ensuring a coherent approach to tax policies and administration.
The Nigeria Tax Administration Bill seeks to create a clear legal framework for the fair and efficient administration of all tax laws. Its goals include facilitating easier tax compliance, reducing disputes, and optimizing revenue collection.
The Joint Revenue Board (Establishment) Bill intends to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman. These entities will focus on the harmonization and coordination of revenue administration and the settlement of disputes arising from tax issues.
President Tinubu highlighted that these proposed reforms will significantly benefit the economy by enhancing taxpayer compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime. He expressed confidence that, if passed, these bills would stimulate economic growth and improve governance.
In his address, President Tinubu urged the House of Representatives to consider and enact the bills promptly, emphasizing the importance of these reforms for the nation’s economic landscape.