President Bola Ahmed Tinubu formally enacted four significant tax reform bills into law on Thursday. The signing ceremony took place at the Presidential Villa in Abuja.
The newly enacted legislation comprises; the Nigeria Tax Bill (Ease of Doing Business): This law consolidates Nigeria’s previously fragmented tax laws into a single statute. Its stated objectives are to reduce the number of overlapping taxes, eliminate duplication for taxpayers, lessen compliance burdens, and create a more predictable fiscal environment to enhance the ease of doing business.
The Nigeria Tax Administration Bill: This bill establishes a standardized legal and operational framework for tax administration across federal, state, and local government levels.
The Nigeria Revenue Service (Establishment) Bill: This legislation repeals the existing Federal Inland Revenue Service (FIRS) Act. It creates a new agency called the Nigeria Revenue Service (NRS), described as more autonomous and performance-driven. The law defines the NRS’s expanded mandate, which now includes non-tax revenue collection, and outlines mechanisms intended to promote transparency, accountability, and efficiency.
The Joint Revenue Board (Establishment) Bill: This law creates a formal governance structure designed to facilitate cooperation between revenue authorities at all government levels. It introduces oversight mechanisms, including the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
The Presidential Assent transforms these four bills, passed by the National Assembly, into active law. The reforms aim to streamline Nigeria’s tax system and revenue collection architecture.
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