Though still on his annual leave in London, President Bola Ahmed Tinubu, Thursday, sent four official communications on his tax reforms to both chambers of the National Assembly, requesting them to consider and approve.
In one of the letters read on the floor of the Senate by Senate President Godswill Akpabio, Tinubu requested the lawmakers to approve the renaming of the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS).
Titled: “The Nigeria Revenue Service (Establishment) Bill,” the proposed legislation “seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007 and establishes the Nigeria Revenue Service, to assess, collect and account for revenue accruable to the government of the federation.”
Another prayer in the President’s letter is titled: “The Nigeria Tax Bill” and it “seeks to provide a consolidated fiscal framework for taxation in Nigeria.”
The third bill, titled: “The Nigeria Tax Administration Bill,” “seeks to 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 disputes and optimise revenue.”
The third, “The Joint Revenue Board (Establishment) Bill,” aims at establishing the Joint Revenue Board; the Tax Appeal Tribunal and the Office of The Tax Ombudsman for the harmonisation, coordination and settlement of disputes arising from revenue administration in Nigeria.
Concluding, the President explained that the proposed tax bill presented substantial benefits to economic growth by enhancing tax payers compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.
“I am confident that the bill when passed, will encourage investment, boost consumer spending and stimulate Nigeria’s economic growth,” Tinubu said.
The President also submitted the same bills to the House of Representatives for the lawmakers’ consideration and approval.