President Bola Tinubu yesterday signed into law the four new tax bills recently passed by the National Assembly, which among others, included renaming the Federal Inland Revenue Service (FIRS) as Nigeria Revenue Service (NRS).
At the event in Abuja, the President described the sweeping new legislations as pivotal to the success of the administration’s reforms and the country’s prosperity.
The bills are the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
The Nigeria Employers Consultative Association (NECA) expressed support for the new tax legislations.
