The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, reassured the public on Tuesday, that the proposed tax reform laws would not lead to the introduction of new taxes or the increase of existing ones.
Adedeji stated this during his appearance before the Nigerian Senate Committee on Finance, emphasising that the tax reform laws are not intended to introduce new taxes or raise existing ones.
During the interactive session with the committee to discuss the FIRS’s plans for implementing tax reforms, Adedeji highlighted that the reforms will streamline tax administration, eliminate multiple taxes and do not involve merging any agency.
Despite some lawmakers expressing their concerns about the bill, the FIRS boss clarified that the agency’s current name does not fully represent its services, including the Value Added Tax (VAT), of which 85% goes to the states and 15% to the Nigerian Government.
He elaborated that the reforms will enhance efficiency and modernisation, simplify tax laws, promote collaboration among involved agencies, improve government savings, ensure transparency and integrity in revenue collection and expand Nigeria’s tax base.
The Senate plans to hold another meeting with the FIRS before the scheduled public hearing on the matter.
