The National Assembly has officially transmitted a set of tax reform bills to President Bola Ahmed Tinubu for his assent, marking a significant step in the administration’s drive to overhaul Nigeria’s tax system.
The proposed legislation seeks to amend several key tax laws, including the Companies Income Tax Act, the Value Added Tax Act, and the Personal Income Tax Act, among others. These amendments are designed to improve revenue collection, simplify tax compliance, and promote a more business-friendly environment across the country.
The bills are the outcome of recommendations from the Presidential Committee on Fiscal Policy and Tax Reforms, which has engaged widely with stakeholders in both the public and private sectors. The reforms are also aligned with the Federal Government’s broader fiscal sustainability goals and efforts to reduce reliance on oil revenues.
Once signed into law, the new tax framework is expected to enhance efficiency, transparency, and equity in Nigeria’s tax administration system.
The presidency has yet to confirm a date for the signing of the bills.
