Tinubu presents 4 tax reform bills to National Assembly
The Senate has received President Bola Tinubu’s communication seeking consideration and passage of the proposed Fiscal Policy and Tax Reform Bill to align with the ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance.
The House of Representatives also received four bills forwarded by the President, including the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
On October 1, 2024, during his speech on Nigeria’s 64th Independence Anniversary, Tinubu stated that some Economic Stabilization Bills would be transmitted to the National Assembly.
“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“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,” he said.
The Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, announced that the Withholding Tax Regulations 2024 have been gazetted.
“I have some good news: the withholding tax regulation has now been gazetted. The only reason it hasn’t been published today is that it is a public holiday. First thing tomorrow, you will see a copy of the gazette, which provides significant relief not just for manufacturers but also for every other business in terms of alleviating some of the burdens of funding their working capital,” Oyedele said.
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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