On Thursday, the federal government took steps to reform the nation’s tax system by introducing new bills to the National Assembly. These initiatives are part of a broader effort to enhance the country’s fiscal policies.The four bills submitted to both chambers of the National Assembly are designed to provide legislative frameworks for several proposals put forth by the Presidential Fiscal Policy and Tax Reforms Committee. This committee is led by Taiwo Oyedele.
One of the primary objectives of these proposals is to amend the Establishment Act of the Federal Inland Revenue Service (FIRS). This amendment aims to create new avenues for revenue generation for the federal government.
President Bola Ahmed Tinubu sent the four executive bills to the National Assembly, seeking to reform the existing tax structure in Nigeria. This move reflects a commitment to improving the nation’s financial health.
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Experts who spoke to Daily Trust indicated that the Tinubu administration is actively exploring multiple strategies to diversify and increase revenue sources. This exploration comes at a crucial time for the economy.
Citizens are currently facing significant challenges with their disposable income due to the soaring cost of living. Rising energy prices and a weakening naira have exacerbated these financial pressures.
Among the proposed bills is the “Nigeria Revenue Service (Establishment) Bill, 2024.” This legislation seeks to change the name of the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
During a recent Senate plenary, President Tinubu requested lawmakers to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007. This repeal is part of the broader reform strategy.
In addition to the NRS bill, the president has also submitted the Nigeria Tax Bill. This bill aims to establish a consolidated fiscal framework for taxation throughout Nigeria.
Another important piece of legislation is the Nigeria Tax Administration Bill. This bill seeks to create a clear and concise legal framework for fair and consistent tax administration.
These legislative efforts reflect the government’s determination to address the financial challenges facing the country. By reforming the tax system, the administration hopes to ensure a more sustainable economic future for all citizens.
Ultimately, these proposed changes signify a proactive approach to fiscal policy, aiming to enhance revenue generation while addressing the pressing economic issues affecting the populace.
