President Bola Tinubu has submitted the Fiscal Policy and Tax Reform Bill to the Senate, aiming to enhance tax collection, compliance, and revenue optimization.
He emphasized the need for a clearer framework for effective tax administration in his letter.
Additionally, the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill were also transmitted.
The former seeks to repeal the Federal Inland Revenue Service Bill of 2007 and create the Nigeria Revenue Service to manage revenue collection for the federation.
Tinubu urged the Senate to expedite the consideration of these bills, stating that they align with his government’s goals of improving the tax system and stimulating the economy.
Senate President Godswill Akpabio has referred the bills to the Senate Committee on Finance, which is expected to report back in three weeks.
