Federal Inland Revenue Service (FIRS) is set to introduce a comprehensive bill aimed at revamping Nigeria’s tax administration system, including regulation of cryptocurrency industry.
Gatekeepers News reports that FIRS revealed this through a statement released by Special Adviser on Media to Chairman of FRSC, Dare Adekanbi.
According to the statement; the FRSC boss, Dr. Zacch Adedeji made the disclosure during a stakeholders’ engagement with a joint committee of 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The proposed legislation seeks to simplify tax laws, harmonize revenue collection, and replace outdated tax regulations with contemporary frameworks.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 emphasised need to modernise Nigeria’s tax system to align with current economic realities, citing Stamp Duty Act as an example of an outdated law that requires urgent attention.
The FRSC boss also noted the growing importance of cryptocurrency ecosystem and the necessity for a regulatory framework to govern its operations.
He said, “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 expressed confidence in the agency’s ability to achieve N19.4 trillion revenue target set for 2024, saying that current figures indicate the agency is on track.
Senate Committee on Finance Chairman, Senator Sani Musa commended FIRS for organising stakeholders’ meetings and emphasized the need for a single tax collection agency to improve efficiency.
He further 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.
