Federal Government plans to introduce a new law by September to overhaul the process of revenue administration in Nigeria.
Gatekeepers News reports that the new law, according to Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), aims to regulate the digital market, particularly crypto currency, and harmonize revenue collection.
Adedeji stated, “We are on the path of making sure the target of N19.4 trillion target we were given is achieved. We commend the recent windfall levy passed to increase FIRS’ ability to meet target and get more revenue and redistribute the wealth.
“By September, we are bringing the law that would overhaul all the process of revenue administration in Nigeria, harmonising the revenue, recording and simplifying the tax law that we have. For instance, the Stamp Duty Act of 1939, when there was no internet or connection, is what is still in use.”
He emphasised the need for regulation, saying, “Today we cannot run away from crypto currency, but as we stand currently, there is no law anywhere in Nigeria that regulates crypto currency and it is the new thing that is happening and we cannot run away from it.
“The law we are using today is 1939 law. As at that time, there was no state or local government. That is the reason the President set up the tax and fiscal reform committee to check and change all these law.”
