The Nigerian Senate recently passed four new tax reform bills for their first reading. These bills, proposed by President Bola Tinubu, aim to reshape Nigeria’s tax and revenue collection framework.
Included in the package are the Nigeria Tax Bill 2024, which seeks to consolidate fiscal policies; the Tax Administration Bill, intended to provide clear legal guidelines for tax collection and reduce disputes; the Nigeria Revenue Service (NRS) Bill, which proposes renaming and restructuring the Federal Inland Revenue Service to enhance revenue collection; and the Joint Revenue Board Establishment Bill, which plans to create a tax tribunal and ombudsman to streamline revenue administration and resolve conflicts.
These reforms are expected to foster a transparent tax system, encourage compliance, and potentially stimulate economic growth by improving the efficiency and effectiveness of revenue collection structures.
