The Senate has received President Bola Tinubu’s statement asking for consideration and adoption of the proposed Fiscal Policy and Tax Reform Bill to coincide with current financial reforms of the Federal Government and promote efficiency in tax compliance.
The President also referred four bills to the House of Representatives. These bills are the Joint Revenue Board Establishment Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Nigeria Revenue Establishment Bill.
During his speech commemorating Nigeria’s 64th anniversary of independence on October 1, 2024, Tinubu announced that several bills about economic stabilisation would be forwarded to the National Assembly.
“We are making progress on our adjustments to the fiscal policy. The Economic Stabilisation Bills, which will now be forwarded to the National Assembly, were adopted by the Federal Executive Council to boost our productive potential and generate more jobs and prosperity.
Once they become law, “these transformative bills will stimulate investment, improve our business environment, and lessen the tax burden on businesses and workers.”
Additionally, the Withholding Tax Regulations 2024 have been gazetted, according to Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee.
“I am pleased to inform you that the withholding tax regulation has been gazetted. The only reason it hasn’t been published today is because it’s a public holiday. However, tomorrow is the first chance you’ll get to see a copy of the gazette, which will relieve a great deal of the financial burden of funding working capital for all businesses, not just manufacturers, according to Oyedele.
