Tinubu To Sign Historic Tax Reform Bills Into Law Today
President Bola Ahmed Tinubu is set to sign four major tax reform bills into law on Today.
The bills, the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill, were passed by the National Assembly following wide consultations with stakeholders nationwide.
According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, these new laws are expected to significantly transform tax administration in Nigeria, improving revenue generation, enhancing the business environment, and encouraging both local and foreign investments.
The signing ceremony at the Presidential Villa in Abuja will be witnessed by the Senate President, Speaker of the House of Representatives, Senate and House Majority Leaders, as well as the chairmen of the Senate and House Committees on Finance.
Also expected are the Chairman of the Governors’ Forum, Chairman of the Progressives Governors Forum, the Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation.
One of the bills, the Nigeria Tax Bill (Ease of Doing Business), seeks to harmonise the country’s scattered tax laws into a single framework, reducing the number of taxes and easing the burden of compliance for taxpayers.
The Nigeria Tax Administration Bill aims to create a uniform operational and legal structure for tax administration across the federal, state, and local government levels.
The Nigeria Revenue Service (Establishment) Bill will replace the Federal Inland Revenue Service (FIRS) Act with a new law establishing the Nigeria Revenue Service (NRS), a more autonomous, transparent, and performance-driven agency responsible for tax and non-tax revenue collection.
The fourth legislation, the Joint Revenue Board (Establishment) Bill, will formalise a governance body for cooperation among revenue authorities across all tiers of government.
It will also introduce vital oversight structures like a Tax Appeal Tribunal and an Office of the Tax Ombudsman.