A new era in the country’s tax administration commenced with yesterday’s signing of the four tax bills by President Bola Ahmed Tinubu.
The new laws, which are due to go into effect in January, have streamlined taxation, which was uncoordinated before now.
The President said the new laws “opened the door for a new economy and business opportunity”.
“This is a clear message to the world that Nigeria is truly ready and open for business.
“We’re in transit, we have changed rules, we have changed some of the misgivings”, the President said at the signing ceremony held at the State House, Abuja.
Describing the occasion as a turning point for the nation’s economic future, President Tinubu hailed the new laws as a necessary step in Nigeria’s journey to modernisation.
“What we did a few minutes ago is a way forward for our country.
“Leadership must help the people to take off and lead the way at every twist and turn. That is what we are doing here,” he said.
The Nigeria Tax Reform Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act are part of the administration’s comprehensive fiscal policy overhaul and were developed through extensive consultations and legislative scrutiny over the past 10 months.
President Tinubu commended the National Assembly for what he called their “courage” and sense of duty.
“Initially, it was difficult, but not all roads will be easy in the process of nation-building.
“Even the blockwork takes a binder and concrete cement to build a body,” he said.
The laws, the President noted, will deliver relief, restore fairness, reignite growth, unify a fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency and promote coordinated efforts across the board.
