Federal Inland Revenue Service (FIRS) don clarify say the tax reform bills wey dem send to National Assembly no dey aimed at increasing taxes or introducing new ones. Chairman of FIRS, Zaccheus Adedeji, make dis clarification during meeting with House of Representatives Committee on Finance.
Adedeji say the reform bills no dey about merging any government agency or causing job losses as people dey fear. He explain say the main goal na to harmonise all the tax laws because dem scattered in different tax laws and establishment laws. Dis multiplicity of taxes dey cause confusion because each agency must implement their own tax law.
“No agency superior to the other, and you cannot ask one agency not to carry out the order. So, Mr. President see say dis no good for the economy, and the only way to do that is to harmonise all the tax laws and put them in one place,” Adedeji say.
Another reason for the reform bills na to organise the fiscal framework in the country, especially since there be no law to regulate or monitor cryptocurrency. Adedeji say Nigeria must align with global standards and practices.
The bills also aim to improve efficiency in government spending. For example, before the implementation of Treasury Single Account (TSA), government money dey scattered in different banks, and dem dey borrow from another bank. But with TSA, dem get holistic view of where government monies dey.
Adedeji mention four key bills: the Nigeria Tax Act, which will harmonise all tax laws; the Nigeria Tax Administration Act, which will ensure uniformity in tax administration; the Nigeria Revenue Service Act, which will change FIRS to Nigeria Revenue Service to reflect their expanded role; and the Joint Revenue Board, to resolve revenue conflicts between states and local governments.
Chairman of the House Committee on Finance, James Faleke, say the meeting aim na to give members first-hand information on the necessity of the bills so they can make informed contributions when the bills come up for second reading.
