The Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, has explained that the purpose of the tax reform bills is to consolidate various tax laws scattered across different legislations into a harmonised structure.
He made the clarification at a meeting with the House Committee on Finance on Wednesday.
Adedeji said the harmonisation was aimed at addressing the issues of multiple taxes and lack of regulatory oversight.
He added that the primary objectives of the tax reform bills include organising the fiscal framework of the country, enhancing synergy among revenue collection agencies, improving transparency and integrity in revenue collection, updating tax laws to align with current realities and international standards, and broadening the tax laws without increasing tax rates or introducing new taxes.
He said the tax reform bills consist of the Nigeria Tax Act to harmonise all tax laws, the Nigeria Tax Administration Act to streamline tax administration processes, the Nigeria Revenue Service Act to redefine the functions of the revenue service, and the Joint Revenue Board to address conflicts between states and local governments regarding revenue generation and sharing.
The FIRS’s chairman said the implementation of these tax reform bills is intended to enhance the efficiency of government spending, provide a clear fiscal framework for investment in Nigeria, stimulate the economy, and establish a foundation for the envisioned economic growth by the president towards a solid economy.
Chairman of the House Committee on Finance, Rep. James Abiodun Faleke, said the meeting with the FIRS chairman and the committee was aimed to provide members with detailed insight into the necessity and objectives of the tax reform bills which is crucial to make informed contributions during the second reading of the bills in the National Assembly.
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