BREAKING: President Tinubu Plans To Scrap FIRS, Repeal Act

President Tinubu is planning to scrap FIRS and repeal its act with the new bill sent to NASS.

 

NewsOnline Nigeria reports that President Bola Ahmed Tinubu may scrap the Federal Inland Revenue Service (FIRS) as part of his proposed tax reforms aimed at enhancing Nigeria’s tax administration.

 

This Nigeria news platform understands that in a letter to the House of Representatives, the president submitted four critical tax reform bills that seek to establish the Nigeria Revenue Service as a replacement for the FIRS.

 

ALSO: Tinubu Bans Customs, NPA, 60 Others From Revenue Collection (FULL LIST)

The proposed Nigeria Revenue Service Establishment Bill is at the forefront of these reforms, intending to repeal the existing FIRS Act.

 

This new agency would be responsible for the assessment, collection, and management of government revenue, streamlining processes and reducing tax-related disputes.

 

Alongside this bill, Tinubu has introduced the Nigeria Tax Bill 2024, which aims to create a comprehensive framework for taxation in the country.

 

The Tax Administration Bill is also included, designed to provide a clear legal structure for the fair and efficient administration of tax laws, thereby facilitating improved tax compliance.

 

Furthermore, the Joint Revenue Board Establishment Bill aims to enhance coordination among various levels of government concerning revenue administration, introducing a tax tribunal and an ombudsman to address grievances and improve the overall system.

 

Tinubu expressed confidence that these reforms will bolster Nigeria’s fiscal institutions and stimulate economic growth.

 

He has called on the House of Representatives to quicken the consideration and passage of these bills.