President Bola Tinubu has written to the National Assembly seeking passage of four tax reform bills.
The bills were transmitted to the Senate and House of Representatives on Thursday, seeking to reshape the country’s tax management.
The Nigeria Tax Bill, 2024 was proposed to provide clear guidelines for tax collection and administration in the country.
The Tax Administration Bill also seeks to simplify the legal framework surrounding taxation and enhance the country’s tax administration process.
The Nigeria Revenue Service Establishment Bill, when signed, will replace the current Federal Inland Revenue Service Act.
The bill seeks to modernise tax collection and management under what would be known as the Nigeria Revenue Service.
The Joint Revenue Board Establishment Bill will establish a tax tribunal and a tax ombudsman. Both entities would ensure transparency in resolving tax-related disputes.
It was reported that the Federal Executive Council (FEC) had last week approved several bills to scrap taxes affecting vulnerable populations and small-scale enterprises.
They include road haulage levies, business premise registration levies, livestock levies, and market taxes and levies.
The presidency had said scrapping the taxes and levies was expected to provide relief to small business owners and informal sector workers grappling with multiple taxations amid economic hardship.
The bills were recommended by the Presidential Committee on Tax and Fiscal Policy Reforms established on President Tinubu’s assumption to office in 2023.