The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has said that the proposed tax reform bills will not lead to the introduction of new taxes or increase existing ones.
Adedeji allayed fears of Nigerians on possible introduction of new taxes through proposed tax reform laws during an interactive session with members of the Senate Committee on Finance on Tuesday, at the National Assembly.
President Bola Tinubu had on Thursday, October 3 forwarded four executive bills to the National Assembly for consideration, aiming to implement significant tax reforms.
One of the key proposals is the renaming of the Federal Inland Revenue Service to the Nigeria Revenue Service.
Speaking on the bills today, Adedeji said, “Tax reform laws will not introduce any taxes or increase the percentage of existing ones but reduce the number of taxes being paid by Nigerians.
” No agency will be merged in the process of carrying out the reform and no job will be taken from anybody.
“The Tax reform seeks to increase simplicity and efficiency of tax administration in Nigeria.”...Read Full Article [Click Here>]
In the same vein, the FIRS boss explained that the existing tax policies introduced by President Bola Tinubu are not meant to impoverish Nigerians but to prosper the Nation.
On the Executive bills already forwarded to both chambers of the National Assembly for legalising the reform, the FIRS boss said “The four bills which are; Nigeria Tax Bill, Nigeria Tax Administration Act (Amendment) bill; Nigeria Revenue Service Bill and Joint Revenue Board (Establishment ) bill; when passed into law, would among others; help to harmonize the multiple tax laws in the country.
” Drive efficiency and modernization, simplify tax laws and ensure synergy among agencies involved, increase efficiency and effectiveness in government savings, promote transparency and integrity in revenue collection, align with international standards, broaden Nigeria’s tax base, etc. ”
When asked to explain why FIRS as contained in one of the bills, would be changed to Nigeria Revenue Service, the Chief Tax Collector said the present name of the agency does not cover the scope of its services, like the Value Added Tax, 85% of which according to him, are remitted to States while the Federal government gets the remaining 15%.
In his remarks, the Chairman of the Committee, Senator Sani Musa ( APC, Niger East), said the purpose of the interactive session was to be updated by the FIRS boss on what and what the tax reform bills are aiming at.
Musa said, ” Tax reforms lie at the heart of government agenda and requires constructive inputs from all stakeholders.”
He commended the FIRS boss for meeting up with revenue targets set in the fiscal year but also urged him, to go beyond the target.
Many members of the committee like Senators Seriake Dickson (PDP, Bayelsa West), Osita Isunazo ( APC, Imo West), and Ahmed Wadada ( SDP, Nasarawa West ), also commended the FIRS boss on increased revenue generation by the agency, particularly non-oil revenue.
