President Bola Tinubu has submitted four executive bills to the Senate and House of Representatives, aiming to implement comprehensive tax reforms in Nigeria. One of the key proposals includes renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
This name change is part of the “Nigeria Revenue Service (Establishment) Bill,” which seeks to repeal the FIRS (Establishment) Act No. 13, 2007. The new Nigeria Revenue Service would be tasked with assessing, collecting, and accounting for revenue accruable to the federal government.
The bill was presented in letters read by Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.
In addition, the “Nigeria Tax Bill” proposes a consolidated fiscal framework for taxation across the country, while the “Nigeria Tax Administration Bill” aims to create a more transparent legal framework for tax administration.
This bill is intended to promote fairness, consistency, and efficiency in applying tax laws, reduce tax disputes, and optimize revenue collection by making compliance easier for taxpayers. These reforms reflect the government’s push to enhance the nation’s tax system and boost revenue generation.
Furthermore, there is the Joint Revenue Board (Establishment) Bill. It aims to establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombudsman for the harmonization, coordination and settlement of disputes arising from revenue administration in Nigeria.
According to President Tinubu, the proposed tax bill presents substantial benefits to a library, government connectives and economic growth by enhancing tax payers compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
The President said: “In this, I am confident that these bills, once passed into law, will encourage and stimulate the economy.
“While I pray that the House of Representatives will, in their usual expeditious manner, consider and enact these bills into law, please accept, Mr Speaker, the assurances of my highest consideration and regards.”
