No Tax Increases Planned – FIRS

Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), has refuted claims that the federal government intends to impose new taxes or increase existing tax rates for Nigerians.

During a session with the Senate Committee on Finance, chaired by Senator Mohammed Sani Musa, Adedeji clarified that the tax reform bills submitted to the National Assembly by President Bola Tinubu’s administration are not designed to introduce additional taxes or raise current ones; rather, they aim to streamline and harmonize the existing tax system.

“There will be no new taxes. The tax reform bills are not meant to introduce additional taxes or raise existing rates. Their purpose is simply to harmonize them,” Adedeji stated.

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After the meeting, Senator Musa echoed this sentiment, confirming that the proposals do not seek to increase tax burdens on individuals or corporations. However, he emphasized the importance of the FIRS conducting outreach to educate the public about the intentions behind the tax reform bills.

“The FIRS chairman has assured us that there will be no increase in taxes for anyone, whether individuals or companies, and we are in agreement on this point.

The objective is to bolster the country’s revenue base and simplify tax administration. It is crucial for the FIRS to actively inform the public about these bills. Our role is to represent Nigerians and align with their interests regarding these proposals,” the senator remarked.

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EKO HOT BLOG gathered that President Tinubu has submitted four bills to both chambers of the National Assembly aimed at providing legislative frameworks for some of the recommendations from the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele.

One of the proposed bills, titled “The Nigeria Revenue Service (Establishment) Bill, 2024,” seeks to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).

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