President Tinubu Forwards Tax Reform Bills To NASS
The Senate has received a request from President Bola Tinubu for the consideration and passage of the proposed Fiscal Policy and Tax Reform Bill. This bill is intended to align with the Federal Government’s ongoing financial reforms and improve tax compliance efficiency.
Additionally, the House of Representatives has received four bills from the President. These are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
In his address on Nigeria’s 64th Independence Anniversary, delivered on October 1, 2024, President Tinubu mentioned that several Economic Stabilisation Bills would be submitted to the National Assembly.
“We are progressing with our fiscal policy reforms. To boost our productive capacity, generate more jobs, and increase prosperity, the Federal Executive Council has approved the Economic Stabilisation Bills, which will now be sent to the National Assembly.
“These bills, once enacted, will create a more favorable business environment, attract investment, and lessen the tax burden on both businesses and workers,” he stated.
Moreover, Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms, announced that the Withholding Tax Regulations 2024 has been officially gazetted.
“I bring good news — the withholding tax regulation has been gazetted. It has not been published today due to the public holiday, but you can expect the gazette to be available tomorrow. This will provide significant relief for not only manufacturers but also other businesses by easing the burden of financing their working capital,” Oyedele explained.
