President Bola Tinubu has asked the National Assembly to consider repealing the act that establishes the Federal Inland Revenue Service, FIRS, and replace it with the Nigeria Revenue Service, NRS.
In letters read on the floor of the House of Representatives and Senate on Thursday, President Tinubu also asked the National Assembly to pass three tax reform bills; the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
According to him, the Nigeria Tax Bill would provide a consolidated fiscal framework for taxation in Nigeria, while the Nigeria Tax Administration Bill shall provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax and optimise revenue.
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The President also said the Joint Revenue Board establishment bill would establish the joint revenue board and provide for the harmonisation, coordination, and settlement of issues arising from revenue administration in Nigeria.
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