By Kolawole Ojebisi
President Bola Tinubu has transmitted four tax reform bills to the National Assembly for “consideration and quick passage”.
This development has elicited mixed reactions from some Nigerians.
According to the letter from the President titled, “Nigeria Tax Bill 2024,” the reform seeks to provide the fiscal work for tax in the country and tax administration bill which will provide clear and concise legal framework for all taxes in the country and reduce disputes.
The Speaker of the House of Representative, Hon. Tajudeen Abbas, disclosed this during the plenary session at the green chamber on Thursday.
Presiding over the plenary,
Abbas explained that the proposed bills were designed in line with the objectives of the present administration
Though all the bills are significant for smooth and effective tax collection and judicious use, quite noteworthy is one seeking to scrap the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service (NRS).
The proposed NRS, according to the letter, will “assess, collect and account for revenue accruable to the government of the federation.”
There is also the Nigeria Tax Bill, which the President said “provides a consolidated fiscal framework for taxation in Nigeria.”
A third bill, “The Nigeria Tax Administration Bill, “provides 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 optimize revenue.”
Another bill, The Joint Revenue Board (Establishment) Bill”, seeks 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.”
Tinubu’s letter reads partly, “I write to forward herewith the Fiscal and Tax Reform Bills by the Federal Inland Revenue Service for consideration and passage by the Senate.
“i. The Nigeria Tax Bill: provides a consolidated fiscal framework for taxation in Nigeria;
“ii.The Nigeria Tax Administration Bill: provides 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 optimize revenue.
“The Nigeria Revenue Service (Establishment) Bill: repeals 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;
“iv. The Joint Revenue Board (Establishment) Bill: establishes 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.
“The proposed tax bill presents substantial benefits to a library, government connectives and economic growth by enhancing taxpayers compliance strengthening fiscal institutions, andfostering a more effective and transparent fiscal regime
“I am confident that the bill when passed will encourage investment, boost consumer spending a s stimulate Nigeria economic growth.”
While some hail the move, especially the bill seeking to scrap the FIRS, others say they need to examine the whole content the bill before making comments at this stage.
