President Tinubu is set to sign controversial tax reform bills into law.
NewsOnline Nigeria reports that the presidency has announced that President Bola Tinubu will, on Thursday, sign into law four tax reform bills that will “transform Nigeria’s fiscal and revenue framework.”
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made this known in a statement titled, ‘President Tinubu signs four tax bills into law tomorrow.’
The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
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Onanuga said, “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.”
One of the bills, the Nigeria Tax Bill, aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute.
“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,” said the presidency.
Presidential assent to the bills will be witnessed by 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.
Governors Abdulrahman Abdulrazaq of Kwara State, Hope Uzodinma of Imo State; the Minister of Finance and Coordination Minister of the Economy, Wale Edun, and the Attorney General of the Federation, Lateef Fagbemi, are also expected to attend the ceremony.
