President Bola Tinubu will on Thursday, sign four tax reform bills that will “transform Nigeria’s fiscal and revenue framework,” according to the presidency.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, revealed this in a statement issued Wednesday evening and titled ‘President Tinubu signs four tax legislation into law tomorrow.’
The four bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were approved by the National Assembly following months of deliberation with numerous interest groups and stakeholders.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Onanuga said.
The Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, Chairman of the Senate Committee on Finance, and his House counterpart will all witness the presidential assent to the bills in the Presidential Villa in Abuja.
The ceremony will be attended by the Chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State; the Chairman of the Progressives Governors Forum, Hope Uzodinma of Imo State; the Minister of Finance and Coordination Minister of the Economy, Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi.
One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which seeks to combine Nigeria’s disparate tax regulations into a single statute.
“By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment,” according to the presidency.
The second bill, the Nigeria Tax Administration Bill, will create a standardised legal and operational framework for tax administration at the federal, state, and municipal levels.
The third bill, the Nigeria Revenue Service (Establishment) Bill, repeals the current Federal Inland Revenue Service Act in favour of a more independent and performance-driven national revenue agency known as the Nigeria Revenue Service.
It describes the NRS’s increased scope, which includes non-tax revenue collection, and establishes systems for openness, accountability, and efficiency.
The Fourth Bill is the Joint Revenue Board (Establishment) Bill.
It establishes a formal governance structure to promote cooperation among tax officials at all levels of government. It establishes critical control measures, including a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
