Speaker of the House of Representatives, Hon. Tajudeen Abbas on Thursday confirmed receipt of four tax reform bills transmitted by President Bola Tinubu for consideration and quick passage.
Speaker Abbas who presided over the plenary, explained that the proposed bills were designed in line with the objectives of the present administration.
According to him, the Nigeria Tax Bill 2024, seeks to provide the fiscal work for tax in the country and tax administration bill which will provide clear and concise legal framework for all taxes in the country and reduce disputes.
Also transmitted to the Parliament is the Nigeria Revenue Service establishment bill, which seeks to repeal 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 explained that the proposed bills will strengthen fiscal institutions in the country and align with the objective of the present administration.
The House also consolidated a Bill for an Act to repeal the Fiscal Responsibility Act, 2007 and to enact the Fiscal Responsibility Bill, 2024 to provide for prudent management of the nation’s resources; ensure long term macro-economic stability of the national economy; Secure greater accountability and transparency in fiscal operations within the Medium Term Fiscal Policy Framework; and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives as well as a bill for an Act to amend the Fiscal Responsibility Act, 2007.
Others are: a bill for an Act to amend the Fiscal Responsibility Act, 2007 to review the operating surplus and general reserve fund of Statutory Corporations and Government body Corporates; a bill for an Act to amend the Fiscal Responsibility Act, 2007 and a bill for an Act to amend the Fiscal Responsibility Act, 2007 to provide for prudent management of nation’s resources, increased accountability and transparency in fiscal operations of the Federal Government.
The House also consolidated the bill for an Act to provide prudent management of the nation’s resources, ensure long-term macro-economic stability of the national economy, secure greater Accountability and Transparency in Fiscal Operations within the Medium Term Fiscal Policy Framework and Establishment of the Fiscal Responsibility Commission to ensure promotion and enforcement of the nation’s economic objectives.
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