TAX REFORM BILLS 2024: ALIGNING LEGAL FRAMEWORKS WITH ECONOMIC REALITIES FOR MAXIMUM BENEFIT

Abstract

The Tax Reform Bills 2024 represent a pivotal step in overhauling Nigeria’s tax system to address longstanding inefficiencies, such as the multiplicity of taxes and the complexity of existing laws. This research examines the legislative framework proposed by the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill, with a focus on their alignment with Nigeria’s economic realities. It highlights the transformative potential of these reforms, which aim to simplify tax compliance, promote equity, and foster a conducive environment for businesses, particularly small and medium-sized enterprises (SMEs). Special attention is given to provisions that protect vulnerable populations, such as the exclusion of essential goods and services from Value-Added Tax (VAT) and the expansion of turnover thresholds for corporate tax exemptions. This research underscores the importance of public and legislative acceptance of the bills, emphasizing the long-term fiscal stability and socio-economic benefits they promise to deliver. By shifting the discourse from skepticism to constructive engagement, this study advocates for the embrace of the bills as critical instruments for national development.