Tinubu’s tax reforms to repeal 11 tax laws – FG
The federal government has announced that at least 11 laws containing provisions on tax imposition and collection will be repealed if the proposed tax reforms submitted by President Bola Tinubu are approved.
It also revealed that the reforms aim to eliminate over 50 nuisance taxes that burden local businesses across the country.
Speaking during a briefing in Asaba, Delta State, on World HIV Day, Security Awareness, Discouraging Get-Rich-Quick Syndrome, World Human Rights Day, and Tax Reforms, the Director-General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu, described the proposed bills as being in the best interest of Nigerians.
According to Issa-Onilu, the reforms are designed to promote fairness, equity, and justice for citizens. He also noted that, if approved, VAT will be calculated based on where goods are consumed rather than the location of company headquarters.
Represented by the agency’s Director of General Services, Mrs. Rebecca Nasamu, Issa-Onilu emphasized that the tax reforms would reduce the burden on hardworking Nigerians while ensuring fair contributions from all.
In his words, the tax reforms bills “are four different bills that seek to bring everything about taxation and administration of tax in Nigeria under four different pieces of legislation.
“The Nigeria Tax Bill is where all major taxes imposed on individuals and companies are clearly stated as well as the rates. The bill is just like a compendium of taxes charged in Nigeria.
“The Nigeria Tax Bill, basically amalgamated all the existing laws in which provisions for taxation was made. When passed, the bill will lead to the repeal of 11 laws that contain provisions on imposition and collection of taxes.”
Onilu explained that the bill aims to ensure that individuals with low incomes pay minimal or no taxes, helping them better manage their finances.
The bills proposed by President Tinubu, currently under consideration by the National Assembly, include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
