Tax reform bill to simplify taxation, shield the poor: FG

The Federal Government has revealed that the Tax Reform Bill currently under consideration by the National Assembly aims to simplify taxation, ease business operations, and protect low-income earners from excessive tax burdens.

Speaking during a press briefing in Osogbo at the National Orientation Agency (NOA) office, Mallam Lanre Issa-Onilu, Director-General of the NOA, highlighted the bill’s potential benefits. Represented by the agency’s Director of Report Coordination and Improvement, Olubukola Olorunfemi, Issa-Onilu emphasized that the bill seeks to address the issue of multiple taxation, which has long been a challenge for businesses in Nigeria.

“The proposed legislation is designed to enhance the ease of doing business and promote economic development by eliminating redundant taxes while ensuring fairness in the system,” he stated.

His words, “The tax reform bills are four different bills that seeks to bring everything about taxation and administration of tax in Nigeria under four different pieces of legislation. The bills are as follows:The Nigeria Tax Bill. The Nigeria Tax Administration Bill. The Nigeria Revenue Service Establishment Bill and The Joint Revenue Board Establishment Bill.

“The Nigeria Tax Bill basically amalgamated all the existing laws in which provisions for taxation was made. When passed, this bill will lead to the repeal of 11 laws that contain provisions on imposition and collection of taxes.

“The government is working to stop different levels of authority from taxing people for the same thing. Those earning very little will pay little or no taxes, helping them manage their finances better.

“New digital systems are being introduced to make tax payments easier, faster, and more accountable. Tax revenue will be used to improve essential public services like schools, hospitals, and infrastructure, ensuring citizens see the benefits of their contributions”.

He added that the reforms are designed to ease the burden on hardworking Nigerians while ensuring everyone contributes fairly.