You’ve nothing to fear – FIRS debunks rumuors over new taxes introduction<\/p>\n
The Chairman, Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, yesterday dispelled fears in some quarters on the imminent introduction of new taxes through the tax reform Bills being considered by the National Assembly.<\/p>\n
Adedeji made this clarification during an interactive session with the Senate Committee on Finance in Abuja.<\/p>\n
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He assured that the tax reform bills do not contain the introduction of new taxes or increases in already existing ones.<\/p>\n
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Adedeji said: \u201cTax reform will not introduce any taxes or increase the percentage of existing ones but reduce the number of taxes being paid by Nigerians.<\/p>\n
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\u201cNo agency will be merged in the process of carrying out the reforms and no job will be taken from anybody.<\/p>\n
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\u201cThe Tax reform basically seeks to increase simplicity and efficiency of tax administration in Nigeria.\u201d<\/p>\n
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He said existing tax policies introduced by the President Bola Tinubu\u2019s administration are not meant to \u201ctax poverty but prosperity, fruits and not seeds, returns and not investments.<\/p>\n
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\u201cThe four bills which are (i) Nigeria Tax Bill, ( ii) Nigeria Tax Administration Act (amendment) Bill, (iii) Nigeria Revenue Service\u00a0 Bill and (iv) Joint Revenue Board (establishment) Bill; when passed into law, would among others help to harmonise the multiple tax laws in the country;<\/p>\n
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\u201cDrive efficiency and modernisation, simplify tax laws and ensure synergy among agencies involved, increase efficiency and effectiveness in government savings, promote transparency and integrity in revenue collection, align with international standards, broaden Nigeria\u2019s tax base etc.\u201d<\/p>\n
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When asked to explain the proposed change in the name of FIRS to the Nigeria Revenue Service (NRS), Adedeji said the present name of the agency does not cover the scope of its services, like the Value Added Tax (VAT), 85per cent of which according to him, are remitted to States while the Federal government gets the remaining 15 per cent.<\/p>\n
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In his remarks, the Chairman of the Committee, Senator Sani Musa said the purpose of the interactive session was for the FIRS boss to update the committee on the objectives of the proposed tax reforms.<\/p>\n
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\u2018Tax reforms lie at the heart of government\u2019s agenda and requires constructive inputs from all stakeholders,\u201d he said.<\/p>\n
He commended the FIRS boss for meeting up with the revenue targets set in the fiscal year and urged him to go beyond the target.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
You’ve nothing to fear – FIRS debunks rumuors over new taxes introduction The Chairman, Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, yesterday dispelled fears in some quarters on the imminent introduction of new taxes through the tax reform Bills being considered by the National Assembly. Adedeji made this clarification during an interactive session with the […]<\/p>\n","protected":false},"author":2,"featured_media":145123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,2,18],"tags":[829,830,831],"class_list":{"0":"post-145121","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-featured","9":"category-news","10":"tag-adedeji","11":"tag-firs","12":"tag-taxes"},"yoast_head":"\n