President Bola Tinubu has taken a significant step towards reforming Nigeria’s tax system by submitting four executive bills to the National Assembly. One of the key proposals is to rename the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS) through “The Nigeria Revenue Service (Establishment) Bill”. This bill aims to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establish the NRS to assess, collect, and account for revenue accruable to the government.
The other proposed reforms include:
The Nigeria Tax Bill, which seeks to provide a consolidated fiscal framework for taxation in Nigeria.
The Nigeria Tax Administration Bill, which aims to provide a clear and concise legal framework for fair, consistent, and efficient tax administration.
The Joint Revenue Board (Establishment) Bill, which establishes the Joint Revenue Board, Tax Appeal Tribunal, and Office of the Tax Ombudsman to harmonize, coordinate, and settle revenue administration disputes.
According to President Tinubu, these reforms will enhance taxpayer compliance, strengthen fiscal institutions, and foster a more effective and transparent fiscal regime, ultimately stimulating economic growth. The President has urged the House of Representatives to expedite the passage of these bills into law.
In his letter to the National Assembly, President Tinubu stated, “I am confident that these bills, once passed into law, will encourage and stimulate the economy.” He also expressed his highest consideration and regards to the lawmakers.
