President Bola Tinubu has submitted four executive bills to the National Assembly aimed at implementing far-reaching tax reforms. Among the key proposals is the renaming of the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
This was revealed in a letter read by Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas. The bill, titled *The Nigeria Revenue Service (Establishment) Bill*, seeks to repeal the existing Federal Inland Revenue Service (Establishment) Act of 2007. The new Nigeria Revenue Service would be responsible for assessing, collecting, and accounting for government revenues.
In addition to the name change, President Tinubu’s letter outlined three other reform bills under the *Transmission of Fiscal Policy and Tax Reform Bills*:
1. **The Nigeria Tax Bill**: Aims to provide a consolidated fiscal framework for taxation in Nigeria.
2. **The Nigeria Tax Administration Bill**: Seeks to establish a clear legal framework for efficient tax administration, reducing tax disputes and promoting compliance.
3. **The Joint Revenue Board (Establishment) Bill**: Proposes the creation of the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman to harmonize revenue administration and resolve disputes.
President Tinubu emphasized that these reforms are designed to strengthen fiscal institutions, improve taxpayer compliance, and foster economic growth by creating a more transparent and efficient tax system. He expressed confidence that these bills, once passed, would stimulate the economy and urged the National Assembly to expedite their passage.
The President concluded by extending his regards to the House of Representatives and underscoring the importance of these reforms in advancing Nigeria’s fiscal policies.
