THE NATION
President Bola Ahmed Tinubu, on October 3, 2024, submitted four tax reform bills to the House of Representatives for consideration and quick passage.
In a letter read at plenary by Speaker Abbas Tajudeen on Thursday, the President said the bills were designed in line with the objectives of his administration.
The bills are the Nigeria Tax Bill 2024, which is expected 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.
The National Economic Council (NEC) recommended the withdrawal of the Tax Reforms Bill from the National Assembly to President Bola Tinubu to allow for wider consultations.
Tinubu, however, said there was no need to withdraw the bill and that the legislative process will move ahead.
Here’s what the 2024 Tax Reform Bills are expected to do:
The new tax reform bills are made up of four major components, each tackling a specific aspect of tax administration:
How does It affect Nigerians?
These reforms will have a significant impact on both businesses and individual taxpayers in Nigeria.
