Four tax reform legislations have been signed into law by President Bola Tinubu, ushering in what he called a daring new age of economic governance in the nation.
In front of key National Assembly officials, including Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas, the president signed the legislation into law.
Tinubu clarified that the amendments would not only simplify tax laws.
He stated that these changes will result in the very first significant tax reductions that prioritize the interests of the general public in decades.
He stated that they will specifically offer focused support to low-income individuals, small enterprises, and families who are struggling to make ends meet.
The Nigeria Revenue Service (Establishment) Bill, Nigeria Tax Administration Bill, Nigeria Tax Bill (Fair Taxation), and the Joint Revenue Board (Establishment) Bill are the four different legislations now enacted as laws.
The policy, according to Tinubu, will consolidate the nation’s divided tax structure, remove unneeded processes, reduce red tape, boost openness and cooperation at all levels of government, and regain investor trust.
