President Bola Tinubu has officially submitted a series of proposed tax reform bills to the National Assembly, aiming to enhance the efficiency of tax compliance and align with the ongoing financial reforms of the Federal Government.
This communication was received by both the Senate and the House of Representatives.
The package includes the Fiscal Policy and Tax Reform Bill, alongside four other significant bills: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
These initiatives are part of Tinubu’s broader economic stabilization strategy, which he discussed during his speech on Nigeria’s 64th Independence Anniversary on October 1, 2024.
In his address, President Tinubu emphasized the need for these reforms to stimulate productivity, create jobs, and foster a more business-friendly environment.
He stated, “These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers once they are passed into law.”
Also, Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, announced that the Withholding Tax Regulations 2024 has been gazetted.
He noted that this regulation aims to alleviate financial pressures for manufacturers and other businesses by easing burdens associated with working capital financing.
Oyedele assured that the gazette would be published promptly following the public holiday.