Ongoing tax reforms will improve government savings, reduce multiplicity of taxes — Adedeji, FIRS Chair

Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji has stated that the ongoing tax reforms by the Federal Government will improve the savings of the government and reduce the taxes paid by citizens.

Adedeji spoke while appearing before the Senate Committee on Finance in Abuja recently.

The reforms, according to the FIRS Chairman, will promote transparency, align with international standards, expand the tax base, and improve government savings.

President Bola Tinubu’s administration plans to introduce a series of reforms designed to boost government revenues and strengthen the economy. The federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies on September 23.

On the issue of the Nigeria tax bill, the Nigeria Tax Administration Act (Amendment) bill, the Nigeria Revenue Service bill, and the Joint Revenue Board (Establishment) bill before the national assembly, Adedeji said when passed into law, the bills will harmonise multiple tax laws, enhance efficiency and modernisation, simplify tax regulations, and foster synergy among revenue-generating agencies.

The FIRS boss noted that the current name does not fully reflect the scope of its services thus necessitating the proposed name change.

He added further that no agencies would be merged, and no jobs would be lost in the course of implementing the reforms, adding that the existing tax policies are not meant to tax poverty but to focus on prosperity.

“We are taxing fruits, not seeds — returns, not investments,” he said.