The Federal Inland Revenue Service (FIRS) is drafting an executive bill to overhaul revenue administration in Nigeria, including regulating the cryptocurrency industry. FIRS Chairman Zacch Adedeji announced this at a stakeholders’ engagement with a joint committee of the national assembly in Lagos.
The bill aims to simplify tax laws, harmonize revenue collection, and replace outdated tax laws with new ones that reflect current economic realities. Adedeji emphasized the need to update laws like the Stamp Duty Act, which was enacted in 1939, to accommodate modern society and technological advancements.
The bill will also address the unregulated cryptocurrency industry in Nigeria. Adedeji assured that the regulation will be done in a way that promotes economic development.
Regarding the 2024 revenue target of N19.4 trillion, Adedeji expressed confidence that FIRS is on track to achieve it, citing positive figures in the first two quarters of the year.
Lawmakers present at the engagement commended FIRS for its efforts and pledged their support. Sani Musa, chairman of the senate committee on finance, suggested that FIRS should be the sole regulating and collecting agency for all taxes in the federation. James Faleke, a lawmaker, praised Adedeji’s leadership and the collaboration between FIRS and the national assembly.
The stakeholders’ engagement aimed to foster cooperation and address challenges in revenue collection, ensuring that FIRS is equipped to maximize resources for national development and public welfare.
