FIRS Pledges Tax Stability: Adedeji Affirms No New Tax Measures

FIRS Pledges Tax Stability: Adedeji Affirms No New Tax Measures....KINDLY READ THE FULL STORY HERE▶

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has reaffirmed the agency’s commitment to refrain from introducing additional taxes in Nigeria.

Adedeji made this statement during a visit to the Revenue House in Abuja by Adebayo Alli, the Chief Executive Officer of Guinness Nigeria Plc, along with the company’s management team, on Wednesday.

According to a statement by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman, Adedeji emphasized, “The President has directed that he desires a single-digit tax regime in the country. This implies that following the work of the Presidential Committee on Fiscal Policy and Tax Reforms, the maximum number of taxes we will have is nine.”

Adedeji further stated, “We, at FIRS, have responded to that directive. Our aim is to expand the tax base in a manner that even if we maintain the same percentage of revenue from taxes, the overall revenue will increase significantly. By the grace of God, we will not introduce new taxes or raise existing tax rates. Our focus is solely on expanding the revenue base.”

He explained that FIRS has restructured its operations to improve tax assessment, collection, and accountability. “Previously, we had functional tax types, but we now recognize that our only clients are the taxpayers,” he said.

Adedeji highlighted the agency’s efforts to enhance customer relations by categorizing taxpayers into large, medium, and small based on their turnover. He also mentioned President Bola Tinubu’s initiative to launch a consumer credit scheme, aimed at boosting Nigerians’ purchasing power to stimulate economic growth and increase companies’ productive capacity.

“In a few days, the consumer credit scheme will be inaugurated, which will lay a solid foundation, particularly for the products you [Guinness Nigeria Plc] offer,” Adedeji added. “In an economy of our magnitude, having a consumer credit scheme is crucial for growth and development.

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