Tinubu to sign 4 tax bills into law, Thursday

President Bola Tinubu will on Thursday sign into law, four critical tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

‎The Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement on Wednesday in Abuja.

‎Our correspondent reports that the bills are: The Nigeria Tax Bill, The Nigeria Tax Administration Bill, The Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill

‎The bills were passed by the National Assembly following extensive consultations with various interest groups and stakeholders.

‎Onanuga said once enacted, the new tax laws are expected to significantly improve tax administration in the country.

He said they are also projected to enhance revenue generation, improve the business environment, and boost both domestic and foreign investment.

‎According to him, the Nigeria Tax Bill (Ease of Doing Business), aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute

He said by reducing the multiplicity of taxes and eliminating duplications, the bill seeks to enhance the ease of doing business and reduce taxpayer compliance burdens.

‎”The Nigeria Tax Administration Bill, the second piece of legislation, will establish a uniform legal and operational framework for tax administration across the federal, state, and local governments.

“‎The third bill, the Nigeria Revenue Service (Establishment) Bill, repeals the existing Federal Inland Revenue Service Act and establishes a more autonomous, performance-driven national revenue agency— the Nigeria Revenue Service (NRS).

‎The fourth bill, the Joint Revenue Board (Establishment) Bill, provides for a formal governance structure to foster cooperation between revenue authorities at all levels of government.

‎It will also introduce essential oversight mechanisms, including the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman,” he said

Onanuga said the historic signing ceremony at the Presidential Villa, Abuja, will be witnessed by the Senate President and the Speaker of the House of Representatives.

‎Other attendees will include the Senate Majority Leader, the House Majority Leader, the Chairmen of the Senate and House Committees on Finance.

‎The Chairman of the Nigeria Governors’ Forum, Chairman of the Progressive Governors’ Forum, Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation will also be in attendance