BREAKING: Tinubu to scrap major agency

Topnaija.ng reports that President Bola Ahmed Tinubu may scrap the Federal Inland Revenue Service (FIRS) following his proposed tax reforms aimed at enhancing Nigeria’s tax administration.

In a letter addressed to the House of Representatives, Tinubu submitted four critical tax reform bills that seek to establish the Nigeria Revenue Service (NRS) as a replacement for the FIRS.

Further stated that the bills were designed in line with the objective of his administration.

The bills are the Nigeria Tax Bill 2024 which is expected to provide the fiscal work for tax in the country, Tax Administration bill which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

The others are the Nigeria Revenue Service establishment bill which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service and the Joint Revenue Board establishment bill which will create a tax tribunal and a tax ombudsman.

He said the bills will strengthen fiscal institutions in the country and align with the objective of the government.

The President’s letter read in part: “I write to forward herewith the fiscal tax reform bill by the Federal Inland Revenue Service for consideration and passage by the house.

“One of the bills is the Nigeria Tax Bill, which should provide a consolidated fiscal framework for taxation in Nigeria. The second one is the Nigeria Tax Administration Bill, which shall provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax and optimize the revenue.

“The third bill is our respect of the Nigerian Revenue Service which seeks to repeal the Federal Inland Revenue Service Establishment Act number 13 of 2007 and establishes the Nigerian Revenue Service to assess, collect and account for revenue accruable to the government of the federation.

“The fourth one is the Joint Revenue Board establishment bill which shall establish the joint revenue board and provide for the harmonization, coordination, and settlement of these things arising from revenue administration in Nigeria.

“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime.

“I am confident that these bills, once passed into law, will encourage and stimulate the economy

“While I pray that the House of Representatives will in their usual expeditious manner considered and enact these bills into law, please accept, Mr Speaker the assurances of my highest consideration and regards.”