The Federal Government has said that President Bola Tinubu will sign the tax reform bills into law on Thursday.
FG recently shared that the bills will transform the country’s fiscal and revenue framework.
Speaking via a press statement, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed that the four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
According to him, as soon as the laws are operational, they’ll go a long way towards transforming tax administration in Nigeria.
He stated that the bills will not just boost revenue generation, they’ll also guarantee an increase in domestic and international investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” he said.
The presidential assent to the bills at the Presidential Villa, Abuja, will be in the presence of the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.
Bayo further noted that one of the 4 bills is the Nigeria Tax Bill (Ease of Doing Business), and it will help to unite the country’s divided tax laws.
He concluded by saying that getting rid of the duplication of taxes will deliver a better fiscal environment.
“By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment,” he added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
