Tax Reforms Agenda In Focus As President Tinubu Submits Four Bills To House
•By Our Reporter
ABUJA – President Bola Tinubu has submitted four key tax reform bills to the House of Representatives for consideration and approval, as part of his administration’s broader fiscal reform agenda.
Speaker of the House, Tajudeen Abbas, confirmed receipt of the bills during Thursday’s plenary session.
RELATED POSTS
Tinubu Swears In Kekere-Ekun As 23rd Substantive CJN
Tinubu Jerks Up NYSC Monthly Allowance To N77,000
COAS Wife Lauds First Lady, Remi Tinubu For Commitment To Women Empowerment
Presiding over the session, Speaker Abbas explained that the proposed bills are aligned with the objectives of the current administration, which aims to enhance the country’s fiscal framework and strengthen its tax system.
Among the proposed laws is the Nigeria Tax Bill 2024, which seeks to “provide the fiscal foundation for taxes in the country.”
Also, the Tax Administration Bill 2024, aims to “create a clear and concise legal framework for all taxes.”
Additionally, the President transmitted the Nigeria Revenue Service Establishment Bill, which seeks to repeal the Federal Inland Revenue Service Act and replace it with the Nigeria Revenue Service. This new body would be tasked with improving tax administration.
Also included is the Joint Revenue Board Establishment Bill, which proposes the creation of both a Tax Tribunal and a Tax Ombudsman, designed to address tax-related disputes and issues.
In his letter, read by Speaker Abbas, President Tinubu highlighted the importance of the bills in achieving his administration’s fiscal reform goals.
He emphasized that the proposed tax laws would foster economic growth by enhancing taxpayer compliance, strengthening fiscal institutions, and promoting a more transparent and effective tax regime.
The President’s letter read. “These proposed tax bills present substantial benefits that align with my government’s objectives of fiscal reform and economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions, and fostering a more effective and transparent fiscal regime.”
When passed into law, Tinubu noted, the bills would encourage the growth and sustainability of the Nigerian economy.
In related legislative business, the House of Representatives also moved to consolidate six bills that seek to repeal the Fiscal Responsibility Act 2007 and replace it with the Fiscal Responsibility Bill 2024.
This move is aimed at ensuring the prudent management of the nation’s resources, securing long-term macroeconomic stability, and promoting greater transparency and accountability in fiscal operations.
READ ALSO
President Tinubu’s Media Aide, Ajuri Ngelale Resigns
The motion for the consolidation of the six bills was moved by the Chairman of the House Committee on Rules and Business, Hon. Francis Waive (APC, Delta), and seconded by Hon. Jallo Mohammed, who represents Igabi Federal Constituency in Kaduna State.
The Speaker subsequently directed the Committee on Rules and Business to schedule a date for further debate on the general principles of the consolidated bills.
•INDEPENDENTNG.