Home Editor's Pick LIKE TRUMP LIKE TINUBU ON SIGNING BILLS THAT RENEWS CITIZENS HOPES!

LIKE TRUMP LIKE TINUBU ON SIGNING BILLS THAT RENEWS CITIZENS HOPES!

by frank ebikefe

LIKE TRUMP LIKE TINUBU!

By Frank P Ebikefe

As President Trump signs his “One, Big, Beautiful, Bill (OB³) into law on July 4th, one cannot help but reflect on President Tinubu’s tax reform bills that has been signed into law on June 26, 2025.

President Bola Ahmed Tinubu recently signed four landmark tax reform bills into law on June 26, 2025, aimed at transforming Nigeria’s fiscal landscape. These bills are:

1. – The Nigeria Tax Bill (Ease of Doing Business): Consolidates existing tax laws into a single, user-friendly framework, reducing multiple taxes and duplication, and making compliance easier for individuals and businesses.
2. – The Nigeria Tax Administration Bill: Introduces standardized digital collection processes and a uniform legal framework for tax administration across federal, state, and local governments, enhancing transparency and efficiency.
3. – The Nigeria Revenue Service (Establishment) Bill: Replaces the Federal Inland Revenue Service (FIRS) with a stronger, more independent body, the Nigeria Revenue Service, with a broader mandate covering both tax and non-tax revenues.
4. – The Joint Revenue Board (Establishment) Bill: Creates a platform for federal and state cooperation, introducing protective mechanisms like the Tax Appeal Tribunal and a Tax Ombudsman to handle complaints and disputes.

These tax reforms have the potential to positively impact Nigerians in various ways, such as:

1. – Simplifying tax compliance: By streamlining tax processes and reducing bureaucratic inefficiencies, individuals and businesses can more easily meet their tax obligations.
2. – Encouraging business growth: The exemption of small businesses earning below ₦50 million annually from company income tax could foster entrepreneurship and economic development.
3. – Improving revenue distribution: The new Value Added Tax (VAT) sharing formula allows states to retain 30% of the VAT they generate, promoting more equitable revenue distribution.

Some potential benefits of these reforms include:

1. – Increased transparency and accountability: The new tax laws aim to promote transparency and accountability in tax administration, reducing the risk of corruption and ensuring that tax revenues are utilized effectively.
2. – Boosting economic growth: By simplifying tax compliance, reducing tax burdens, and promoting investment, these reforms could contribute to Nigeria’s economic growth and development.

Considering these developments, Nigerians might reflect on how these tax reforms could impact their lives, such as:
1. – Reduced tax burdens: With simplified tax compliance and reduced tax rates, individuals and businesses might experience a decrease in their tax liabilities.
2. – Increased access to government services: The improved revenue distribution and accountability mechanisms could lead to better-funded public services and infrastructure.

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