NRS replaces the fir trees while Tinubu signs four invoices of tax reforms in law – Thage

By Victor Osula, Abuja

President Bola Tinubu has signed four innovative tax reform invoices that will transform the tax framework and revenue of Nigeria into jurisprudence.

The president agreed to the four invoices on Thursday, at the presidential villa, Abuja, during a brief ceremony testified by the President of the Senate, president of the Chamber of Representatives, leader of the majority in the Senate, leader of the majority of the Chamber, president of the Minister of the Senate and Minister of the Senate and the Minister of the Senate and Minister of Finance of the Senate and the Minister of the Senate and the Minister of Finance and the Minister of the Senate and Minister of the Senate. of the Senate and the Minister of the Senate and the Minister of Finance of the Senate and the Minister of the Senate and the Minister of the Minister of the Senate and the Minister of the Minister of the Senate, the Minister of the Senate, the Minister of the Senate and the Minister of Finance of the Chamber. Prosecutor General of the Federation.

The law on the four invoices – the tax invoice of Nigeria, the law of the Tax Administration of Nigeria, the law of Nigeria Revenue Service (ESTABLishment) and the joint law proposal (factory) – were approved by the National Assembly after large consultations with various groups of interest and stakeholder.

One of the four invoices is the tax invoice of Nigeria (ease of doing business), which aims to consolidate the fragmentation of the tax laws of Nigeria in a harmonized statute. By reducing the multiplicity of taxes and eliminating the duplication, the bill will improve the ease of doing business, will reduce taxpayers’ conformity charges and create a more predictable tax environment.

The second bill, the bill of the Nigeria tax administration, will establish a uniform legal and operational framework for the tax administration through federal, state and local governments.

The bill of Nigeria Revenue Service (ESTABLISHMP), the third invoice, repeals the current Act Federal Inland Revenue Service and creates a more autonomous national agency and led by performance: Nigeria Revenue Service (NRS). He defines the expanded mandate of the NRS, including the collection of revenue does not finish, and exposes the mechanisms of transparency, responsibility and efficiency.

The fourth invoice is the joint invoice of the revenue (factory). It provides for a formal governance structure to facilitate cooperation between the entrance authorities at all levels of government. It introduces essential supervision mechanisms, including the establishment of a tax appeal court and an office of the tax defender.

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