New Tax Bills Pose No Threat to Revenue Collection, Says FIRS

Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has dismissed concerns that the four tax bills currently before the National Assembly threaten the existence of any government revenue-generating agency or its operations.

 

This was contained in a statement from the FIRS on Wednesday.

 

Speaking at the Revenue House in Abuja on Wednesday during a meeting with the heads of the National Agency for Science and Engineering Infrastructure, the National Information Technology Development Agency, and the Tertiary Education Trust Fund, Adedeji described the concerns as misplaced.

 

He explained that the proposed renaming of the FIRS to the Nigeria Revenue Service would not result in the takeover of other federal agencies, contrary to widespread speculation.

 

Instead, he assured, the reforms aim to streamline the nation’s fiscal framework and improve operational efficiency.

 

He was quoted in the statement as saying, “I want to assure you that there is nothing in the bills that will reduce your funding, effectiveness or efficiency. What we have in the Bills are provisions that will help us in laying a solid foundation for your sustainability.

 

“The Federal Government is repositioning its fiscal outlook to be able to meet the funding requirements of all agencies. The main objective is to enhance tax efficiency, ease compliance levels.

 

“The bills, when passed into law, will give various agencies the opportunity to focus on their respective functions rather than bothering about revenue collection.

 

He noted that the bills, once passed, would allow agencies to concentrate on their core mandates without the distraction of revenue collection responsibilities.

 

He also addressed concerns about the perceived reduction in agency roles, stating that the reforms were part of a broader strategy by President Bola Tinubu’s administration to harmonise Nigeria’s tax laws.

 

“The laws that set up these agencies, commissions, and boards have tax provisions embedded in them and these provisions must be implemented. So, when people carry out their constitutional roles as stipulated in their acts or laws, you can’t say what they are doing is illegal.”

 

“So, in the wisdom of President Bola Tinubu, for us to overcome these problems, we should harmonise these laws scattered in different books. That is what the Nigeria tax bill means.

 

“And when you look at the real principle of this reform is to bring us up to date, to actually show the reality of what we do now and also to stimulate economic activities.

 

“For us to be competitive and be able to convince business people around the world that Nigeria should be their preferred investment destination, we have to do it in the best way,” Adedeji said.

 

The statement noted that the agency heads also took the opportunity to highlight their respective mandates and contributions to Nigeria’s development agenda.

 

TO READ MORE NEWS UPDATES; CLICK @ https://www.voiceairmedia.com

 

NOTE: YOU can join our WhatsApp, Telegram for the news updates you need by sending your name & location to WhatsApp No. @ http://Wa.me/+2348111142174