In line with the plans to achieve the National Assembly (NASS’s) N19.4 trillion revenue target for this year, the Federal Inland Revenue Service (FIRS), has assured the lawmakers in NASS that plans were afoot to bring in new tax administration laws that are expected to overhaul the whole process of tax administration in Nigeria, come next month (September). That is in a bid to shore up revenue generation in the country.
Executive Chairman of FIRS, Zacch Adedeji, made this known during FIRS 2024 Stakeholders’ engagement with the Senate and House Committee’s on Finance in Lagos yesterday.
Specifically, the event was organised by the Intergovernmental Relations Department of the FIRS.
Adedeji, while speaking in his opening remarks on the theme: ‘Repositioning The FIRS To Achieve Its Mandate,’ stated that issues such as the obsolete Stamp Duty Act of 1936, the new evolution of crypto currency and others are set for review among the new tax administration the FIRS is planning to bring on board in September in order to access more revenue for the Federal Government.
He, however, added that FIRS was determined to achieving the proposed N19.4 trillion target at the end of the year, saying the figures as at August, showed that the Revenue Service would achieve it smoothly.
The FIRS Executive Chairman said: “I just want to use this time to appreciate both the Senate Committee and the House of Reps Committee. The information I can give is that the target N19.4 trillion that you gave to us at the beginning of the year, as at today by God’s grace, we are on the path to making sure that that target is achieved from our end.”
“Secondly, I want to also appreciate you for the kind of being spoilt you have done to us. You have not taken us as an agency or service that you regulate or that you monitor. You’ve been father to us, not only in the recent windfall levies that you passed which is what would increase our ability to meet our target and get more revenue and redistribute the wealth nationally.”
Adedeji stressed: “Also, considering what you ‘ve done with MDAs’ invitation to make sure that we have the 50 per cent of all what MDAs collected as revenue. The kind of innovation that those houses (Senate and House of Reps) brought has helped the Federal Government.
“So on behalf of the Federal Government, I appreciate you.”
He continued: “So the essence of us being here today is to continue in that relationship. That you’ve been here with us; we have some plans. We’ve changed our organisation’s structure. We need to let you know that our new slogan we have, what does it mean? The impact and the effectiveness of the legislation you’ve done and the one we are bringing. Because just to put you on notice, by the special grace of Almighty God, by September, we are bringing on the laws that would overhaul the whole process of revenue administration in Nigeria. That is, harmonizing revenue and not only that, re-coding and simplifying the tax laws that we have.
“For example, the Stamp Duty is Act of 1936 when there was no internet, not this kind of digital connection. So, we need to bring it to date.
“Today, we cannot run from crypto currency but as we stand today, there is no law anywhere in Nigeria that regulate crypto currency and it’s the new thing that is happening. So, we can’t run away from it. “So all those things we are bringing them together. So, the essence of our gathering here today is to interact and also taking from you, one; From your experience in your different lives and also, two; From your exposure as legislators, which is the only gain that we have to actually collect, assess and account for revenue which is our own mandate.”
While speaking on the N19.4 trillion revenue target, Adedeji said: “What I said is that at the beginning of this year, we have a target of N19.4 trillion and since the beginning of the year, we set out our plans and today, we are in August; we are almost three quarters of the year and I am saying that from the figures that we are seeing, by special grace of Almighty God, that we are on the verge to making sure that we achieve the N19.4 trillion target. So, it is not a matter about what plans do we have now? It is the actualization of our plans because we have eight months gone already and then, we know with what we have seen, so achieving N19.4 trillion is achievable.”