To enhance economic efficiency and bolster revenue generation, the Federal Inland Revenue Service (FIRS) has announced plans to streamline Nigeria’s tax system, aiming to reduce the number of taxes to a maximum of nine.
Zacch Adedeji, the chairman of FIRS, made this revelation during a visit to the Revenue House in Abuja by Adebayo Alli, the chief executive officer of Guinness Nigeria, and his management team.
Adedeji disclosed that the initiative aligns with President Tinubu’s directive for a single-digit tax regime, emphasising the government’s commitment to simplifying tax processes and stimulating economic growth.
He reiterated that the FIRS aims to expand the tax base and generate more revenue without introducing additional taxes or increasing existing ones.
“The president gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes,” Adedeji stated.
He further explained that the FIRS has effectively restructured its operations to assess, collect, and account for taxes.
Adedeji also emphasised the importance of improving taxpayer relations and simplifying tax payment processes to encourage compliance and generate revenue.
“We used to have functional types of taxes, but we have identified that the only customers we have are the taxpayers.
“We have improved the way we relate with our customers by rearranging our operations based on our customers, using their turnover as the basis to categorise them into large, medium and small,” he elaborated.
Adedeji assured taxpayers of a streamlined payment process through a one-stop shop encompassing audits and other tax-related activities.
He also highlighted President Tinubu’s strategic initiatives, such as the consumer credit scheme to increase purchasing power and stimulate growth.
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Furthermore, Adedeji outlined plans to implement a single window platform for logistics at ports to ease congestion and facilitate smoother operations for businesses like Guinness Nigeria.
He emphasised the government’s commitment to improving infrastructure and creating an enabling environment for businesses to thrive.
In response, Adebayo Alli, the CEO of Guinness Nigeria, expressed the company’s commitment to continue operating in Nigeria despite macroeconomic challenges.
He welcomed the government’s efforts to improve infrastructure and streamline tax processes, noting that the initiative would ultimately benefit businesses in the country.