President Bola Ahmed Tinubu will on Thursday sign into law four significant tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The announcement was made on Wednesday in Abuja through a statement by the Presidential Spokesperson, Mr Bayo Onanuga.
According to the News Agency of Nigeria (NAN), the bills are the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
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The bills were passed by the National Assembly following wide-ranging consultations with various interest groups and stakeholders.
Onanuga stated that, once signed into law, the new tax legislation is expected to greatly improve tax administration, enhance revenue generation, and strengthen the business environment. The reforms are also designed to boost both domestic and foreign investment.
The Nigeria Tax Bill aims to consolidate Nigeria’s fragmented tax laws into a single harmonised statute. By reducing the multiplicity of taxes and eliminating duplication, it seeks to make tax compliance easier and promote a more business-friendly climate.
The Nigeria Tax Administration Bill provides a unified legal and operational framework for tax administration across the federal, state, and local governments, ensuring consistency and efficiency nationwide.
The Nigeria Revenue Service (Establishment) Bill repeals the existing Federal Inland Revenue Service Act and establishes a more autonomous and performance-oriented national revenue agency, known as the Nigeria Revenue Service.
The Joint Revenue Board (Establishment) Bill is intended to create a formal structure that will enhance cooperation among revenue authorities at all levels of government. It also includes oversight mechanisms such as the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman to address taxpayer grievances and ensure fairness.
The bill signing ceremony will take place at the Presidential Villa in Abuja. Dignitaries expected to witness the event include the Senate President, the Speaker of the House of Representatives, the Majority Leaders of both chambers, and the Chairmen of the Senate and House Committees on Finance.
Also expected are the Chairman of the Nigeria Governors’ Forum, Chairman of the Progressive Governors’ Forum, the Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation.
(NAN)
