by Niyi Jacobs
The Federal Inland Revenue Service (FIRS) is set to overhaul revenue administration in Nigeria with a new law that will regulate the cryptocurrency industry, among other objectives. FIRS Chairman, Zacch Adedeji, disclosed this at a stakeholders’ engagement with a joint committee of the National Assembly on Finance in Lagos.
The proposed law aims to simplify tax laws, harmonize revenue collection, and replace obsolete tax laws with new ones that reflect current economic realities. Adedeji noted that the current tax laws are outdated, citing the Stamp Duty Act of 1939 as an example.
The new law will also regulate cryptocurrency operations in Nigeria, which is currently unregulated. Adedeji emphasized the need for a law that will ensure cryptocurrency operations are not harmful to the country’s economic development.
The FIRS is on track to achieve its 2024 revenue target of N19.4 trillion, according to Adedeji. He commended the National Assembly for their support and collaboration, which he believes is essential for the success of the FIRS.
The stakeholders’ engagement was attended by lawmakers, including Senator Sani Musa, Chairman of the Senate Committee on Finance, and Honourable James Faleke, Chairman of the House Committee on Finance. They expressed their support for the FIRS and emphasized the importance of revenue collection for national development.
