Posted by Amarachi on Fri 04th Oct, 2024 - tori.ng
By implementing these changes, the government seeks to streamline the tax collection process, ensuring that all taxable entities contribute their fair share and that the revenue generated is maximised to support public services and infrastructure development.
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu might bar revenue-generating agencies from collecting revenues on behalf of the Federal Government as he announces plans to introduce a single agency – Nigeria Revenue Service, to take over.
This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.
The reforms, designed to enhance the efficiency of collecting direct taxes, along with various levies that are imposed on behalf of the government, will bar the Nigerian Customs Service, Nigerian Ports Authority, and 60 other revenue collection agencies from participating in revenue collection activities, but will lead to the creation of the Nigeria Revenue Service.
By implementing these changes, the government seeks to streamline the tax collection process, ensuring that all taxable entities contribute their fair share and that the revenue generated is maximised to support public services and infrastructure development.
The policy directive was instituted on Thursday when the President forwarded four executive bills to the National Assembly for consideration, aiming to implement significant tax reforms.