FG Moves To Introduce New Tax Law, Targets N19.4trn Revenue

The Federal Government has announced plans to introduce a new tax law aimed at transforming the revenue administration framework in Nigeria.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this at the 2024 stakeholders’ engagement forum organized by the Intergovernmental Relations Department of the FIRS.

Adedeji expressed dissatisfaction with the absence of a legal framework governing the digital market, particularly in the realm of cryptocurrency in Nigeria.

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He emphasized the government’s strategy to regulate cryptocurrency in a manner that would not hinder economic growth, with objectives of revenue harmonization, simplification, and modernization of tax laws.

The FIRS boss also highlighted the irony of Nigeria’s continued reliance on the Stamp Duty Act of 1939, attributing this to the rationale behind President Bola Tinubu’s establishment of the tax and fiscal reform committee to review and amend existing laws.

Furthermore, the Chairman of the Senate Committee on Finance, Senator Mohammed Musa, expressed the collaboration between the FIRS and legislative bodies to develop legislation aimed at maximizing revenue collection to effectively tackle Nigeria’s challenges.