Nigeria’s President presented four bills to the National Assembly outlining measures to revise tax laws and modernise Nigeria’s tax system on 3 October 2024.
The bills have been forwarded to the House Committee on Finance for review and consideration.
The proposed bills are as follows:
- The Nigeria Revenue Service (Establishment) Bill aims to repeal the Federal Inland Revenue Service (Establishment) Act of 2007 and establish the Nigeria Revenue Service. This new entity will be tasked with the assessment, collection, and management of government revenue. The proposal also suggests renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
- The Nigeria Tax Bill aims to create a unified fiscal tax framework in Nigeria.
- The Nigeria Tax Administration Bill seeks to establish a transparent legal framework for the fair and efficient management of tax laws. This initiative simplifies compliance, minimises disputes, and enhances revenue collection.
- The Joint Revenue Board (Establishment) Bill aims to create a Joint Revenue Board, a Tax Appeal Tribunal, and an Office of the Tax Ombudsman to align and coordinate revenue administration and resolve disputes.
