Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), has clarified that the four tax reform bills recently sent to the National Assembly by President Bola Ahmed Tinubu are not designed to introduce new taxes or increase existing ones. He made this statement during a session with the Senate Committee on Finance, chaired by Senator Mohammed Sani Musa, in Abuja on Tuesday.
The bills aim to implement the recommendations from the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele. One significant proposal, The Nigeria Revenue Service (Establishment) Bill, 2024, seeks to rename FIRS to Nigeria Revenue Service (NRS).
Adedeji assured committee members that the reforms will focus on streamlining and harmonizing the tax system without imposing additional taxes. “There won’t be additional taxes. The tax reform bills will not and are not intended to introduce new taxes or increase the existing taxes. It’s just to harmonize them,” he stated.
Following the meeting, Senator Musa confirmed Adedeji’s assurances to the press, stating that there would be no tax increases for individuals or companies. He noted that the intention behind the reforms is to strengthen the country’s revenue base and simplify tax administration.
Musa also highlighted the importance of public awareness regarding the bills, emphasizing that the Senate would ensure that public interests are considered. He encouraged FIRS to not only meet but exceed its annual revenue targets and to tap into the expanding digital economy to boost revenue from online financial activities.
