The Federal Inland Revenue Service (FIRS) is set to introduce a new law that will revolutionize the process of revenue administration in Nigeria.
This was disclosed by the Executive Chairman of FIRS, Zacch Adedeji, at a stakeholders’ engagement with the Senate and House Committees on Finance.
Adedeji lamented the absence of a guiding law for the digital market in Nigeria, particularly cryptocurrency. He emphasized the need for regulation to ensure that cryptocurrency does not hinder economic development.
The planned law aims to harmonize revenue, record, and simplify tax laws. Adedeji cited the outdated Stamp Duty Act of 1939, which was enacted before the internet era, as an example of the need for reform.
FIRS is committed to achieving its N19.4 trillion target, commending the recent windfall levy passed to increase its revenue collection capacity.
The proposed law, expected by September, will overhaul the revenue administration process, ensuring a more efficient and effective system.
Adedeji acknowledged the growing significance of cryptocurrency, stressing the need for regulation to prevent economic harm.
The tax and fiscal reform committee, set up by President Bola Tinubu, aims to review and update outdated laws, including the 1939 Stamp Duty Act.
