Leadnaija
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
