The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has reassured Nigerians that the four tax reforms bill sent to the National Assembly by President Bola Tinubu would not introduce new taxes or increase existing ones.
During an interactive session with the Senate Committee on Finance, Adedeji confirmed that no agencies would be merged and that no jobs would be lost as a result of the reforms.
He explained that the aim of the tax reform is to enhance the simplicity and efficiency of tax administration in Nigeria.
He clarified that the existing tax policies introduced by President Bola Tinubu are intended to promote prosperity rather than burden the poor, focusing on returns rather than investments.
The four bills which include: The Nigeria Tax Bill, The Nigeria Tax Administration Act (Amendment) Bill, the Nigeria Revenue Service Bill, and the Joint Revenue Board Establishment Bill according to the FIRS Boss if passed, would help harmonize the country’s multiple tax laws, drive modernization, and improve efficiency in revenue collection.
On the renaming of the FIRS to the Nigeria Revenue Service (NRS), Adedeji explained that the current name does not accurately reflect the agency’s broad scope of services, particularly regarding Value Added Tax (VAT), where 85% of revenues are remitted to states.
Senator Sani Musa (APC-Niger East) and Chairman of the Committee, highlighted that the purpose of the session is to gain insights into the objectives of the tax reform bills.
He commended Adedeji for meeting revenue targets for the fiscal year and urged him to strive for greater achievements.
