FIRS to Overhaul Tax System and Regulate Cryptocurrency

The Federal Inland Revenue Service (FIRS) is set to introduce a comprehensive bill aimed at overhauling Nigeria’s tax administration system, including the regulation of the cryptocurrency industry.

In a statement by FIRS spokesperson Dare Adekanbi, Chairman Dr. Zacch Adedeji revealed the plans during a stakeholders’ engagement with a joint committee of the National Assembly on Finance in Lagos.

The proposed legislation aims to streamline tax laws, harmonize revenue collection, and replace outdated regulations with modern frameworks. Dr. Adedeji emphasized the importance of updating Nigeria’s tax system to reflect current economic realities, citing the Stamp Duty Act as an example of legislation that needs urgent revision.

Adedeji also highlighted the growing significance of the cryptocurrency sector and the need for a regulatory framework to govern its operations. “We cannot ignore the cryptocurrency ecosystem because it is the future. However, Nigeria currently lacks laws regulating cryptocurrency operations,” he noted.

The FIRS chairman expressed confidence in the agency’s ability to meet its N19.4 trillion revenue target for 2024, noting that current figures show the agency is on track to achieve this goal.

Senate Committee on Finance Chairman, Senator Sani Musa, praised FIRS for organizing the stakeholders’ meeting and stressed the importance of having a single tax collection agency to enhance efficiency. He also assured the committee’s support for FIRS in reaching its revenue goals.

Hon. Kalejaiye Paul, representing the House of Representatives Committee on Finance, also commended FIRS for its leadership and pledged the House’s cooperation in advancing national development through effective tax administration.