FG Shuts D0wn Rum0rs of New Tax Hikes

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has poured cold water on claims that the federal government is planning to slap Nigerians with higher taxes or roll out new ones.

Adedeji set the record straight on Tuesday during a meeting with the Senate Committee on Finance, led by Senator Mohammed Sani Musa.

While addressing the committee, Adedeji emphasized that the tax reform bills recently submitted by President Bola Tinubu’s administration aren’t designed to increase the burden on citizens. Instead, the goal is to streamline and unify the existing tax structure.

“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 harmonise them,” Adedeji clarified.

After the meeting, Senator Musa echoed the same message, reassuring the public that the reform plans are not aimed at squeezing more out of individuals or businesses. However, he stressed that Nigerians need to be properly informed about what the government is trying to achieve with these reforms.

“The chairman of FIRS has mentioned to us that no any increment in taxes on anyone, not only individuals but companies. That, we agreed,” Musa stated.

He went on to add, “I think what they want to do is to strengthen the revenue base of the country and simplify the administration of taxes. There is the need for FIRS to embark on serious sensitisation on these bills. As far as we are concerned, we are representing Nigerians and we will do what Nigerians desire us to do on these bills.”

Meanwhile, reports from Naija News highlight that President Tinubu recently forwarded four tax-related bills to both chambers of the National Assembly. The bills aim to provide legal backing for the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele.

One of the proposed bills—The Nigeria Revenue Service (Establishment) Bill, 2024—seeks approval to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS)…[CONTINUE READING HERE]>>