Writing By BASHIR M; Editing By Yusuf Zubairu
The Senate has received an executive communication from President Bola Ahmed Tinubu regarding the fiscal policy and tax reform bills from the Federal Inland Revenue Service for consideration and passage by the Senate.
According to the letter read by Senate President Godswill Akpabio, the Nigerian Tax Bill establishes a consolidated fiscal framework for taxation in Nigeria.
The Nigerian Tax Administration Bill offers a clear and concise legal framework for the consistent and efficient administration of all tax laws, aimed at facilitating tax compliance, minimizing disputes, and optimizing revenue.
President Tinubu believes that the Nigerian Revenue Service Establishment Bill repeals the FIRS Establishment Act No. 13 of 2007 and establishes the Nigerian Revenue Service to assess, collect, and account for revenue accruing to the federal government.
The Joint Revenue Board Establishment Bill establishes the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman to harmonize and coordinate the settlement of disputes arising from revenue administration in Nigeria.
The propose tax bills present substantial benefits to align with by Government objectives and Fiscal reforms and economic growth by enhancing tax payer compliance, strengthening our fiscal institutions and fostering more effective and transferent Fiscal regime
In this way the president has confident that this Bills once pass in to law will encourage investment, boost consumer spending and simulate the Nigerian economy.
COV Bashir M
