The Federal Government has proposed introducing a tax payment option that enables individuals to pay their taxes in instalments.
It introduced this in the Nigeria Tax Bill 2024, recently submitted to the National Assembly for consideration and approval.
Our correspondent obtained a copy of the draft on Sunday. This means that each person now has the flexibility to fulfil their tax obligations either by making a single lump sum payment or by spreading the payments out over time and settling before the designated due date for filing.
The government also proposed the creation of a special account by the Accountant-General of the Federation for tax refunds.
Last week, the government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.
The four new bills sent to the two chambers of the National Assembly are aimed at giving legislative frameworks to some proposals of the Presidential Fiscal Policy and Tax Reforms Committee headed by Taiwo Oyedele.
