President Bola Tinubu has reacted to the advice from the National Economic Council (NEC) to withdraw the Tax Reform Bill from the National Assembly.
The NEC, led by Vice-President Kashim Shettima and comprising state governors, on Thursday, recommended withdrawal due to disagreements and concerns raised by various groups.
In a statement on Friday, presidential spokesperson Bayo Onanuga said President Tinubu commends the NEC members for their advice but believes the legislative process provides an opportunity for inputs and necessary changes without withdrawing the bills. Tinubu urges the NEC to allow the process to take its full course while welcoming further consultations and engagement with stakeholders.
The Tax Reform Bills aim to streamline Nigeria’s tax administration, overhaul tax operations, and align them with global best practices. The four bills include The Nigeria Tax Bill, which eliminates multiple taxation and simplifies tax obligations, making Nigeria’s economy more competitive.
The Nigeria Tax Administration Bill proposes new rules governing tax administration across federal, state, and local jurisdictions to ease taxpayer compliance and enhance revenue for all tiers of government. The Nigeria Revenue Service Bill re-establishes the Federal Inland Revenue Service as the Nigeria Revenue Service to better reflect its mandate as the revenue agency for the entire federation.
Additionally, the Joint Revenue Board Establishment Bill proposes creating a Joint Revenue Board to replace the Joint Tax Board, covering federal and state tax authorities. This bill also establishes the Office of Tax Ombudsman under the Joint Revenue Board to protect taxpayers’ interests and facilitate dispute resolution.
