Tinubu To Sign 4 Tax Bills Into Law On Thursday
President Bola Tinubu will, on Thursday, sign into law the four tax reform bills passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
The executive bills were meant to transform Nigeria’s fiscal and revenue framework.
They include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
A statement by Bayo Onanuga, Special Adviser to the President on
Information and Strategy, when operational, the new tax laws are expected to significantly transform tax administration in the country, increase revenue generation, improve business environment, and boost domestic and foreign investments.
He stated that the signing of the bills will be witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, and the Chairman of the Senate Committee on Finance, and his House counterpart.
Others expected to witness the event include the Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordination Minister of the Economy, and the Attorney General of the Federation.
Onanuga explained that one of the four bills is the Nigeria Tax Bill that has consolidated Nigeria’s fragmented tax laws into a harmonised statute for Ease of Doing Business.
“By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.
“The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
“The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS).
“It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.”
He said that the Joint Revenue Board (Establishment) Bill provides a formal governance structure to facilitate cooperation between revenue authorities at all levels of government, and introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
