Nigeria’s Federal Inland Revenue Service (FIRS) is gearing up for a major overhaul. The FIRS Chairman, Zacch Adedeji, recently announced plans to simplify tax laws, digitalize crypto revenue collection, and bring Nigeria’s tax code into the 21st century.
Adedeji highlights the urgent need to replace outdated laws like the 1939 Stamp Duty Act with modern regulations that reflect today’s economic realities. He also emphasizes the importance of regulating the cryptocurrency industry, a sector currently operating without a clear legal framework in Nigeria.
The FIRS boss praised the collaboration between his agency and the National Assembly, stressing the importance of teamwork in boosting tax revenue and driving national development. Adedeji remains confident that the FIRS will hit its ambitious N19.4 trillion revenue target for 2024.
Senate House recommends FIRS as Nigeria’s crypto Tax Agency
Lawmakers have also thrown their weight behind the FIRS’ plans. Senate Committee Chairman Sani Musa suggested that the agency should be the sole collector of all federal taxes, including crypto, while House Rep. James Faleke commended Adedeji’s leadership.
These developments come on the heels of impressive performances by the FIRS. The agency reports a 20% increase in taxpayer compliance and a whopping 170,000 new taxpayers. This surge is attributed to the emergence of new businesses and industries nationwide, including the FIRS’ efforts to streamline tax processes.
The FIRS has already tasted success, surpassing its 2023 revenue target by a cool 7%. While the N19.4 trillion goal for 2024 is undoubtedly challenging, the agency is optimistic about achieving it.
This overhaul of Nigeria’s tax system is crucial to building a stronger economy. By modernizing tax laws and improving efficiency, the government aims to increase revenue generation and fund essential public services.
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