FIRS Drafts Executive Bill to Modernize Tax Laws, Regulate Crypto Industry

The Federal Inland Revenue Service (FIRS) is working on a bill that will completely change the revenue administration in Nigeria, including regulating the cryptocurrency industry in Nigeria. This was said by FIRS Chairman, Zacch Adedeji, during an engagement with stakeholders at the National Assembly’s joint committee in Lagos where he explained that the purpose of this bill is to simplify taxes, harmonize revenue collection and replace old tax laws with new ones that reflect current economic situations.

Adedeji emphasized that it is important to update old laws such as 1939 Stamp Duty Act which do not accommodate modern society and technology. Furthermore, he mentioned that this bill would include regulation of cryptocurrency industry so as to support balanced approach for economic advancement.

In connection to the 2024 revenue target of N19.4 trillion, Adedeji showed optimism that it would be met; indicating that the first two quarters have given encouraging figures. Meanwhile, Senate Committee on Finance Chairman, Sani Musa commended FIRS for organizing the meeting of stakeholders while stressing on the need for collaboration in maximizing revenue collection and contributing towards national development.

The executive bill is a major leap for Nigeria’s tax system modernization program and the adoption of technological innovations; it portrays FIRS’ commitment towards improving revenue administration in order to foster economic growth.