The Federal Inland Revenue Service (FIRS) is set to introduce a comprehensive bill aimed at revamping Nigeria’s tax administration system, including the regulation of the cryptocurrency industry.
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A statement from the FIRS by Dare Adekanbi 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.
The proposed legislation seeks to simplify tax laws, harmonize revenue collection, and replace outdated tax regulations with contemporary frameworks.
Adedeji stressed 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modernise Nigeria’s tax system to align with current economic realities, citing the Stamp Duty Act as an example of an outdated law that requires urgent attention.
He also 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.
The 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.
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