President Bola Ahmed Tinubu has submitted four tax reform bills to the House of Representatives for consideration and quick passage.
In a letter read at the plenary by the Speaker of the House of Representatives, Mr. Abbas Tajudeen, the President said that the bills were designed in line with the objectives of his administration.
The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal work for tax in the country and tax administration bill which will provide clear and concise legal framework for all taxes in the country and reduce disputes.
According to President Bola Tinubu, the proposed Tax Reform Bills present substantial benefits to the present administration fiscal reform that will enhance tax payer compliance and boost Socio-economic development of Nigeria.
“The proposed Tax Reform Bills present substantial benefits that aligned with my government objectives and Fiscal reform and economic growth by enhancing Tax payer compliance, strengthening our physical institutions and fostering a more effective and fiscal regime,” it said.
President Tinubu emphasised that if the bills are passed into law it would encourage and attract more investment in Nigeria.
The Tax Reform Bills are, Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Establishment Bill and the joint Revenue Board Establishment Bill.
Confidence Okwuchi
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