The Nigerian Senate has formally received President Bola Tinubu’s proposal for the Fiscal Policy and Tax Reform Bill, seeking its consideration and passage. The bill aims to align with the Federal Government’s ongoing financial reforms and improve efficiency in tax compliance across the country.
In a letter read by Senate President Godswill Akpabio, it was noted that the proposed bill would establish a more concise framework for administering all tax laws in Nigeria. President Tinubu also submitted the Nigeria Revenue Service Establishment Bill, which seeks to repeal the existing Federal Inland Revenue Service Act of 2007 and create the Nigeria Revenue Service to manage revenue collection and accounting for the federation.
Additionally, the President presented the Joint Revenue Board Establishment Bill, which seeks to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman. These entities are designed to harmonize, coordinate, and resolve disputes related to revenue administration across Nigeria.
President Tinubu emphasized that the proposed tax reform is essential to his administration’s fiscal objectives, aiming to enhance taxpayer compliance, strengthen fiscal institutions, and support a more transparent budgetary process. He also expressed confidence that the bill, when passed, would encourage investment, boost consumer spending, and stimulate overall economic growth.
The bill has been referred to the Senate Committee on Finance, which is expected to report back within three weeks.
ADBN News.
