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Summary Details Of New Nigeria Revenue Service Bill

The details of the new Nigeria Revenue Service (Establishment) Bill.

Change of name from Federal Inland Revenue Service to Nigeria Revenue Service.

Objectives:
To better reflect the mandate of the Service as the revenue agency of the Nigerian Federation and not for only the Federal Government.

Focuses on Establishment:

– Tax administration provisions removed.
– Tax enforcement powers removed.

Objectives:
To make the law strictly an establishment law and emphasize the Service as the principal revenue agency.

Avoid duplication of tax administration rules.

Funding:

– Funding is based on a percentage of all tax revenue collected.

– The rate will be determined by the NASS

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