FIRS assures Nigerians on proposed tax reform laws

The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has reassured Nigerians that the proposed tax reform laws will not introduce new taxes or increase existing ones.During an interactive session in Abuja with Senator Sani Musa, APC Niger East, who leads the Senate Committee on Finance, Adedeji addressed concerns regarding the tax reforms, stating, “The tax reform will not introduce any new taxes or increase the percentages of existing ones; instead, it aims to reduce the number of taxes paid by Nigerians

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October 15, 2024

FIRS assures Nigerians on proposed tax reform laws

FIRS
By Henry Umoru

The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has reassured Nigerians that the proposed tax reform laws will not introduce new taxes or increase existing ones.

During an interactive session in Abuja with Senator Sani Musa, APC Niger East, who leads the Senate Committee on Finance, Adedeji addressed concerns regarding the tax reforms, stating, “The tax reform will not introduce any new taxes or increase the percentages of existing ones; instead, it aims to reduce the number of taxes paid by Nigerians.”

He emphasized that the existing tax policies introduced by President Bola Tinubu are designed to tax prosperity rather than poverty, focusing on returns rather than investments. “No agency will be merged in the process of carrying out the reform, and no jobs will be lost. The tax reform primarily seeks to enhance the simplicity and efficiency of tax administration in Nigeria,” he added.

Adedeji also discussed the executive bills forwarded to both chambers of the National Assembly to legalize the reforms. The four bills include:

Nigeria Tax Bill

Nigeria Tax Administration Act (Amendment) Bill

Nigeria Revenue Service Bill

Joint Revenue Board (Establishment) Bill

He noted that, once passed, these bills would help harmonize the multiple tax laws in the country, drive efficiency and modernization, simplify tax laws, ensure synergy among involved agencies, increase efficiency in government savings, promote transparency in revenue collection, align with international standards, and broaden Nigeria’s tax base.When questioned about the proposed change of FIRS to Nigeria Revenue Service (NRS) in one of the bills, Adedeji explained that the current name does not encompass the full scope of the agency’s services, particularly concerning Value Added Tax (VAT), of which 85% is remitted to the states, while the federal government retains only 15%.