BREAKING: Tinubu makes final move to scrap FIRS, gives reason

• President Bola Tinubu has moved to scrap the FIRS and establish the Nigeria Revenue Service in new tax bills he sent to the National Assembly
• The president on Thursday, October 2, sent four task bills to the National Assembly for review and passage
• According to the presidency, the new bills will enhance taxpayer compliance, strengthen Nigeria's financial institutions and foster transparency

President Bola Tinubu is shaking things up in Nigeria's tax system with a major overhaul. He's proposing to scrap the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service (NRS).

This development is part of the four tax reform bills he sent to the Senate and House of Representatives for review and passage.

Tinubu to scrap FIRS and establish NRS Photo Credit: @officialABAT
Source: Twitter

List of bills Tinubu sent to National Assembly

According to Tribune, the four tax reform bills Tinubu sent to the national assembly are:

• The Nigeria Tax Bill 2024: Provides a consolidated fiscal framework for taxation in Nigeria, setting the stage for a more efficient tax system.
• The Nigeria Tax Administration Bill: Offers a clear and concise legal framework for fair, consistent, and efficient tax administration, reducing disputes and optimizing revenue.
• The Nigeria Revenue Service (Establishment) Bill: Repeals the FIRS Act and establishes the NRS to assess, collect, and account for revenue accruable to the government.
• The Joint Revenue Board (Establishment) Bill: Establishes the Joint Revenue Board, Tax Appeal Tribunal, and Office of the Tax Ombudsman to harmonize, coordinate, and settle revenue administration disputes.

Why Tinubu sent tax reform bills

The president's letter notes that these reforms aim to enhance taxpayer compliance, strengthen fiscal institutions, and foster a more effective and transparent fiscal regime.

According to Tinubu, the proposed tax bill will encourage investment, boost consumer spending, and stimulate Nigeria's economic growth. The Speaker of the House of Representatives, Tajudeen Abbas, has confirmed receipt of the bills and expressed support for their passage.

Source: Legit.ng