FIRS working on executive bill to replace obsolete tax laws, regulate crypto industry

The Federal Inland Revenue Service (FIRS) says an executive bill which seeks to restructure revenue administration in Nigeria, including regulation of the cryptocurrency industry, is being drafted for transmission to the national assembly.

Zacch Adedeji, FIRS chairman, spoke on Saturday at a stakeholders’ engagement with a joint committee of the national assembly in Lagos.

According to a statement by Dare Adekanmbi, special adviser on media to Adedeji, the FIRS chairman said the objectives of the bill include simplifying tax laws, harmonising collection of revenue as well as seeking the replacement of obsolete tax laws with new ones in line with the current economic realities.

“By the special grace of the Almighty God, we will bring a bill for a law to overhaul the whole process of revenue administration in Nigeria. Part of what we intend to achieve with this is to harmonise revenue collection, making tax laws very simple to understand and to be in tune with our current realities,” he said.

“For example, the Stamp Duty Act was made in 1939 when there was no internet connectivity or any of the features of modern society as we have it now. Even in 1939, states and local government councils had not been created.

“So, we need to bring that law up to date. This is one of the reasons President Bola Tinubu set up the Taiwo Oyedele-led fiscal policy and tax reform committee to look into all these laws and make recommendations.

“Today, we cannot run away from the cryptocurrency ecosystem because it is the in-thing.  But as it stands in Nigeria today, there is no law that regulates cryptocurrency operations. We need a law that regulates that area of our economy. This is why we are having this engagement with the legislators. We will regulate it in a way that is not injurious to the economic development of Nigeria.

“These are some of the things we are bringing together in an executive bill to overhaul revenue administration for the development of the country.”

ADEDEJI: WE’LL MEET REVENUE TARGET OF N19.4 TRILLION IN 2024

On the revenue target of N19.4 trillion set for FIRS in 2024, Adedeji said the revenue collection agency is on course to achieve the target.

“We set a target of N19.4 trillion for ourselves. We are almost in the third quarter of the year and with the figures we are seeing so far, I can say we are on the path of achieving our target,” he said. 

Commending FIRS for organising the stakeholders’ meeting, Sani Musa, chairman of the senate committee on finance, said the FIRS should be the regulating and collecting agency for all taxes for the federation.

Musa said the national single window programme would address the inefficiency in revenue collection in the country.

“This is another opportunity for us as lawmakers to listen, learn and contribute on how best to support the FIRS to achieve its target. It is also an opportunity for FIRS to share its challenges, successes and strategies for the future,” he said.

“By working together, we can ensure that FIRS is fully equipped to maximise not only collection but also provide the needed resources for national development and public welfare.”

James Faleke, a lawmaker, who was represented by Kalejaiye Paul, a member of the house of representatives, commended Adedeji’s leadership at FIRS. 

Faleke said the effective collaboration between FIRS and joint committee of the national assembly on finance is commendable.