FIRS Sets To Revamp Tax Administration System, Regulate Cryptocurrency Industry – Details.
The Federal Inland Revenue Service (FIRS) has set every machineries on motion to introduce a comprehensive bill targeted at revamping Nigeria’s tax administration system, including the regulation of the cryptocurrency industry.
Dare Adekanbi, on behalf of FIRS, said the Chairman, Dr. Zacch Adedeji, made this disclosure during a stakeholders’ engagement with a joint committee of the National Assembly on Finance in Lagos.
Thenewskingdom gathered that this proposed legislation is seeks to simplify tax laws, harmonize revenue collection, and replace outdated tax regulations with contemporary frameworks.
However, Adedeji emphasized the need to modernise Nigeria’s tax system to align with current economic realities, citing the Stamp Duty Act as an example of an outdated law that requires urgent attention.
Adedeji further noted the growing importance of the cryptocurrency ecosystem and the necessity for a regulatory framework to govern its operations.
“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,” Adedeji said.
Meanwhile, FIRS boss expressed confidence in the agency’s ability to achieve the N19.4 trillion revenue target set for 2024, stating that current figures indicate the agency is on track.
Senate Committee on Finance Chairman, Senator Sani Musa, commended FIRS for organising the stakeholders’ meeting and emphasized the need for a single tax collection agency to improve efficiency. He expressed the committee’s willingness to support FIRS in achieving its revenue target.
House of Representatives Committee on Finance, represented by Hon. Kalejaiye Paul, commended FIRS for its leadership and pledged the House’s support in collaborating with the agency to drive national development.
