Tinubu asks n’assembly to pass four tax reform bills

President Bola Tinubu has asked the national assembly to consider and pass four tax reform bills.

Tinubu’s request was contained in letters read on the floor of the house of representatives and senate on Thursday.

The proposed legislations are the Nigeria tax bill, tax Administration bill, and Joint Revenue Board establishment bill.

The president is also seeking to repeal the law establishing the Federal Inland Revenue Service and replace it with Nigeria Revenue Service.

The president said the bills would stimulate the country’s economy.

“One of the bills is the Nigeria Tax Bill, which should provide a consolidated fiscal framework for taxation in Nigeria,” he said.

“The second one is the Nigeria Tax Administration Bill, which shall provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax and optimize the revenue.

“The third bill is our respect of the Nigerian Revenue Service which seeks to repeal the Federal Inland Revenue Service Establishment Act number 13 of 2007 and establishes the Nigerian Revenue Service to assess, collect and account for revenue accruable to the government of the federation.

“The fourth one is the Joint Revenue Board establishment bill which shall establish the joint revenue board and provide for the harmonization, coordination, and settlement of these things arising from revenue administration in Nigeria.”

The president said the bills align with his government’s objectives for fiscal reform “on the economic growth by enhancing taxpayer compliance”.