The Federal Government has reaffirmed that the Tax Reform Bill introduced by President Bola Tinubu, currently awaiting approval in the National Assembly, is designed to streamline tax systems, enhance business operations, and shield low-income earners from excessive financial burdens.
Speaking at a press briefing at the National Orientation Agency (NOA) office in Osogbo, the agency’s Director-General, Mallam Lanre Issa-Onilu, highlighted the bill’s potential to address the issue of multiple taxation, a longstanding challenge in Nigeria.
Represented by the Director of Report Coordination and Improvement, Olubukola Olorunfemi, Issa-Onilu detailed the key features of the proposed reforms.
His words, “The tax reform bills are four different bills that seeks to bring everything about taxation and administration of tax in Nigeria under four different pieces of legislation. The bills are as follows: The Nigeria Tax Bill. The Nigeria Tax Administration Bill. The Nigeria Revenue Service Establishment Bill and The Joint Revenue Board Establishment Bill.
“The Nigeria Tax Bill basically amalgamated all the existing laws in which provisions for taxation was made. When passed, this bill will lead to the repeal of 11 laws that contain provisions on imposition and collection of taxes.
“The government is working to stop different levels of authority from taxing people for the same thing. Those earning very little will pay little or no taxes, helping them manage their finances better.
“New digital systems are being introduced to make tax payments easier, faster, and more accountable. Tax revenue will be used to improve essential public services like schools, hospitals, and infrastructure, ensuring citizens see the benefits of their contributions”.
The Federal Government stated that the reforms are designed to alleviate the financial burden on hardworking Nigerians while promoting a fair and balanced tax system for everyone.
