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The Nigerian Senate has received President Bola Tinubu’s communication seeking consideration and passage of the proposed Fiscal Policy and Tax Reform Bill to align with ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance.
In a letter read by the president of the senate, Godswill Akpabio said the bills would provide a clearer and more concise framework for the efficient administration of all tax laws.
President Tinubu also transmitted the Nigeria Revenue Service Establishment Bill, which seeks to repeal the Federal Inland Revenue Service Bill No 13 of 2007 and establish the Nigeria Revenue Service to access, collect, and account for revenue accrued to the federation.
The President also transmitted the Joint Revenue Board Establishment Bill, which establishes the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of The Tax Ombudsman for harmonizing, coordinating, and settling disputes arising from revenue administration in Nigeria.
President Tinubu said the proposed tax bill presents substantial benefits to align with his Government objectives, fiscal reforms, economic growth by enhancing taxpayers compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
The President also said he is confident that the bill, when passed, will encourage investment, boost consumer spending, and stimulate Nigeria’s economy.
The communique was thereafter referred to the Senate Committee on Finance to report back in three weeks.
Source: Swifteradio.com
