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In a significant step toward overhauling Nigeria's tax system, the Senate has given a first reading to three key tax reform bills: the Joint Revenue Board (Establishment) Bill, 2024, the Nigeria Revenue Service (Establishment) Bill, 2024, and the Nigeria Tax Administration Bill, 2024. This legislative push aligns with President Bola Tinubu’s economic agenda, aiming to make tax processes more efficient and supportive of economic growth.

1. Joint Revenue Board (Establishment) Bill, 2024: This bill proposes creating a Joint Revenue Board, a Tax Appeal Tribunal, and the Office of the Tax Ombudsman. The intention is to harmonize tax administration across federal, state, and local governments, addressing longstanding issues with fragmented tax practices. It’s expected to foster cooperation, transparency, and reduce redundancy in tax collection efforts.

3. Nigeria Tax Administration Bill, 2024: The goal of this bill is to simplify tax administration, enhancing compliance by reducing the complexities taxpayers face. It proposes a clear legal framework to minimize disputes, improve transparency, and optimize revenue collection. This framework aligns with the government's strategy to support both local and foreign investment, encourage business activity, and foster economic resilience.

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In a significant step toward overhauling Nigeria's tax system, the Senate has given a first reading to three key tax reform bills: the Joint Revenue Board (Establishment) Bill, 2024, the Nigeria Revenue Service (Establishment) Bill, 2024, and the Nigeria Tax Administration Bill, 2024. This legislative push aligns with President Bola Tinubu’s economic agenda, aiming to make tax processes more efficient and supportive of economic growth.

2. Nigeria Revenue Service (Establishment) Bill, 2024: This bill seeks to transform the Federal Inland Revenue Service (FIRS) into the Nigeria Revenue Service (NRS). Beyond a name change, the NRS would be modernized to leverage technology for streamlined tax collection and better revenue tracking. By optimizing collection, the government aims to increase its fiscal capacity to fund infrastructure and social services.

President Tinubu’s administration views these bills as cornerstones for creating a robust, fair tax system that can better support Nigeria's development. The Senate has referred the bills to the Finance Committee for review, with hopes for swift progression through subsequent legislative stages. These reforms are expected to come into effect by January 2025, setting Nigeria on a path toward a more sustainable economic future.