Federal Government Denies Reports Of Imminent Tax Increases For Nigerians

Federal Government Denies Reports Of Imminent Tax Increases For NigeriansThe Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has dismissed rumors that the federal government plans to impose new taxes or raise existing tax rates for Nigerians. Adedeji made this statement on Tuesday during a session with the Senate Committee on Finance, chaired by Senator Mohammed Sani Musa.

He clarified that the tax reform bills introduced by President Bola Tinubu’s government are designed not to increase taxes, but to harmonize the existing tax system. “There won’t be additional taxes. The tax reform bills are not intended to introduce new taxes or raise current ones; they are meant to harmonize them,” Adedeji stated.

After the meeting, Senator Musa echoed these sentiments, confirming that the proposed tax reforms do not aim to raise taxes for individuals or businesses. He emphasized the importance of educating Nigerians about the goals of the tax reforms. “The FIRS chairman has assured us that there will be no tax increases for anyone, including individuals and companies. We agree with this approach.”

Musa pointed out that the objective of the reforms is to strengthen the country’s revenue base and streamline tax administration. He highlighted the need for the FIRS to effectively communicate these intentions to the public, stating, “As representatives of the people, we will act in accordance with what Nigerians desire regarding these bills.”

According to Naija News, President Tinubu has submitted four bills to the National Assembly aimed at establishing a legislative framework for the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele. One notable bill, titled “The Nigeria Revenue Service (Establishment) Bill, 2024,” proposes changing the name of the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).

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