President Bola Tinubu is shaking things up in Nigeria’s tax system with a major overhaul. He’s proposing to scrap the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service (NRS).
This development is part of the four tax reform bills he sent to the Senate and House of Representatives for review and passage.
According to Tribune, the four tax reform bills Tinubu sent to the national assembly are:
1. The Nigeria Tax Bill 2024: This bill aims to provide a consolidated fiscal framework for taxation in Nigeria, setting the stage for a more efficient tax system.
2. The Nigeria Tax Administration Bill: This bill offers a clear and concise legal framework for fair, consistent, and efficient tax administration, reducing disputes and optimizing revenue....Read Full Article [Click Here>]
3. The Nigeria Revenue Service (Establishment) Bill: This bill repeals the FIRS Act and establishes the NRS to assess, collect, and account for revenue accruable to the government.
4. The Joint Revenue Board (Establishment) Bill: This bill establishes the Joint Revenue Board, Tax Appeal Tribunal, and Office of the Tax Ombudsman to harmonize, coordinate, and settle revenue administration disputes.
The president’s letter notes that these reforms will ensure compliance and optimize revenue through a clearer framework.
Tinubu added that it would encourage investment, boost consumer spending and stimulate Nigeria’s economic growth. It also seeks to promote digitalised tax collection, phase out cash transactions and eliminate informal tax payments.
