Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

FG Moves to Streamline Tax Collection, NUPRC, Customs Affected

Nnaemeka OkwarabyNnaemeka Okwara
November 9, 2024
in Business & Finance
0
FG Moves to Streamline Tax Collection, NUPRC, Customs Affected
Share on FacebookShare on TwitterShare on Whatsapp

The Nigerian government has proposed new tax reform bills that are currently being discussed in the National Assembly. These bills aim to make major changes to how taxes are collected in the country. If approved, they would stop several federal agencies, like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS), from collecting taxes and other fees.

Chairman of the Presidential Tax Committee, Taiwo Oyedele, confirmed the proposals during an interview with Channels Television on Friday, underscoring that the reform aims to eliminate tax collection duties for about 60 federal agencies. He said the goal of the reform is to stop about 60 federal agencies from collecting taxes. Oyedele explained that the new plan will put all tax collection under a new and improved Federal Inland Revenue Service (FIRS), which will be called the Nigerian Inland Revenue Service (NIRS).

Oyedele argued that agencies like NUPRC, which currently receive royalties from oil companies, should concentrate on regulation instead of managing taxes. Likewise, the NCS should focus on helping trade and securing borders, rather than collecting revenue. “Having too many agencies involved in tax collection is not efficient and is not common in other countries,” he stated.

The reform is part of a broader effort to streamline Nigeria’s tax system, increase revenue collection, and improve compliance. It also includes plans to increase the Value Added Tax (VAT) rate and offer exemptions for low-income earners to help reduce income inequality.

Tags: Collection.Customs Affectedfederal characterfederal governmentFG Moves to Streamline Tax CollectionNewsNUPRCtax
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Dangote Group Disowns Killer Truck in Ondo Crash
Business & Finance

Dangote Group Disowns Killer Truck in Ondo Crash

October 23, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 23, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 22, 2025
Next Post
Nigerian Government Allocates N5B for VP’s Lagos Residence Renovation

Nigerian Government Allocates N5B for VP's Lagos Residence Renovation

Okonjo-Iweala’s WTO Re-election Bid Faces US Hurdle

Okonjo-Iweala's WTO Re-election Bid Faces US Hurdle

Indonesia Expands Restricted Zone Amid Ongoing Volcanic Activity

Indonesia Expands Restricted Zone Amid Ongoing Volcanic Activity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Federal Government may spend N4.65 trillion on CBN overdraft servicing.

Federal Government may spend N4.65 trillion on CBN overdraft servicing.

3 years ago
Chiwen Eboh’s Movie:”Nnewi The Land of Gold” gets private screening

Chiwen Eboh’s Movie:”Nnewi The Land of Gold” gets private screening

1 year ago
Trump Applauds ABC's Decision Regarding the Jimmy Kimmy/ Charlie Kirk Controversy

Trump Applauds ABC’s Decision Regarding the Jimmy Kimmy/ Charlie Kirk Controversy

1 month ago
Turkish Activist Killed in West Bank Sparks International Outrage

Turkish Activist Killed in West Bank Sparks International Outrage

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Messi has commit to Miami signing a new contract extension till 2028

Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

Nnamdi Kanu Fires Legal Team in Open Court, Vows to Defend Himself

After Louvre Heist, Thieves Hit Another French Museum

Movie Review: Why Same Place, Same Time Is Undermined by Weak Plot and Technical Flaws — 4/10

Ghana in Mourning as Former First Lady Nana Konadu Agyeman-Rawlings Dies at 76

Trending

Baltimore City Police Who Stole $215k Retains Pension
Government

Baltimore City Police Who Stole $215k Retains Pension

byEriki Joan Ugunushe
October 23, 2025
0

You would think stealing $215,000 of taxpayers’ money would strip a man of all public benefits, but...

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections

October 23, 2025
Dangote Group Disowns Killer Truck in Ondo Crash

Dangote Group Disowns Killer Truck in Ondo Crash

October 23, 2025
Messi has commit to Miami signing a new contract extension till 2028

Messi has commit to Miami signing a new contract extension till 2028

October 23, 2025
Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

Why Making Music in Nigeria is Expensive — Bella Shmurda Speaks

October 23, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Baltimore City Police Who Stole $215k Retains Pension
  • APC’s New Apostle: Amupitan Says God Sent Him to Fix Elections
  • Dangote Group Disowns Killer Truck in Ondo Crash

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com