The Federal Inland Revenue Service, has revealed plans to introduce a law that would overhaul the process of revenue administration in Nigeria next month.
Executive Chairman of FIRS Mr Zacch Adedeji, lamented that Nigeria had no law guiding the digital market, especially the crypto currency.
Adedeji stated this at the 2024 stakeholders’ engagement with the Senate and House Committees on Finance, organized by the Intergovernmental Relations Department of the FIRS, with the theme “Repositioning The FIRS To Achieve Its Mandate”.
He explained that the government plans to regulate crypto currency in such a way that it would not be injurious to the economic development of the country, adding that there would be revenue harmonisation, recording and simplifying the tax law that had been in existence.
The FIRS boss said Nigeria was still using the Stamp Duty Act of 1939 when there was no internet connection, saying this explained the reason President Bola Tinubu set up the tax and fiscal reform committee to change and check the law.
Also speaking, the Chairman, Senate Committee on Finance, Senator Mohammed Musa, said the FIRS and the legislators were synergising to come up with a legislation that would give Nigeria the best in getting revenue to address all the challenges facing the country, both in infrastructure and human capital development.