The Executive Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji, said there are plans to introduce a law that would overhaul the process of revenue administration in Nigeria next month.
This is as he decried the fact that Nigeria had no law guiding the digital market in Nigeria, particularly the crypto currency.
Adedeji made this statement at the 2024 stakeholders’ engagement with the Senate and House Committees on Finance, organized by the Intergovernmental Relations Department of the FIRS, with the theme “Repositioning The FIRS To Achieve Its Mandate”.
He pointed out that the government plans to regulate crypto currency in such a way that it would not be injurious to the economic development of the country, adding that there would be revenue harmonization, recording and simplifying the tax law that had been in existence.
According to him, Nigeria was still using the Stamp Duty Act of 1939 when there was no internet connection, saying this explained the reason President Bola Tinubu set up the tax and fiscal reform committee to change and check the law.
“We are on the path of making sure the target of N19.4 trillion target we were given is achieved. We commend the recent windfall levy passed to increase FIRS’ ability to meet target and get more revenue and redistribute the wealth.
“By September, we are bringing the law that would overhaul all the process of revenue administration in Nigeria, harmonising the revenue, recording and simplifying the tax law that we have. For instance, the Stamp Duty Act of 1939, when there was no internet or connection, is what is still in use.
“Today we cannot run away from crypto currency, but as we stand currently, there is no law anywhere in Nigeria that regulates crypto currency and it is the new thing that is happening and we cannot run away from it.
“The law we are using today is 1939 law. As at that time, there was no state or local government. That is the reason the President set up the tax and fiscal reform committee to check and change all these law,” he said.
