On Thursday, President Bola Tinubu will put four historic tax reform bills into law, which will revolutionise Nigeria’s revenue and fiscal system.
After thorough consultations with various interest groups and stakeholders, the four bills—the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—were passed by the National Assembly.
Bayo Onanuga, who is a spokesman for Tinubu, revealed this in a statement that was released on Wednesday.
“The new tax laws are expected to substantially transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” stated Onanuga in a statement.
Senate President, House Speaker, Senate Majority Leader, House Majority Leader, Senate Committee on Finance Chairman, and his House counterpart will all be present at the presidential assent to the bills at the Presidential Villa in Abuja.
Among those scheduled to attend the event are the following: the Attorney General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, the Chairman of the Progressives Governors’ Forum, and the Chairman of the Governors’ Forum.
The Nigeria Tax Bill (Ease of Doing Business) is one of the four measures that seek to unify and streamline Nigeria’s tax legislation.
According to Onanuga, the bill will make it easier for businesses to operate, lessen the burden on taxpayers to comply, and establish a more predictable fiscal climate by reducing the number of taxes and doing away with duplication.
The second bill, the Nigeria Tax Administration Bill, aims to create a standardised system for tax administration at all levels of government in the country.
Thirdly, the Nigeria Revenue Service (Establishment) Bill creates a new national revenue agency called the Nigeria Revenue Service (NRS), which is more independent and performance-based than the current Federal Inland Revenue Service Act. The document lays out the NRS’s broader mission, which now includes collecting non-tax money, and it details ways to make the agency more open, accountable, and efficient.
To help tax agencies at different levels of government work together, the Joint tax Board (Establishment) Bill, the fourth bill, establishes a formal governance framework. It creates crucial oversight mechanisms, such as the Tax Ombudsman’s Office and the Tax Appeal Tribunal.