FIRS AIMS TO BOOST TAX REVENUE BY 57% IN 2024, ENSURES NO NEW TAXES
The Federal Inland Revenue Service (FIRS) plans to significantly increase Nigeria’s tax revenue to NGN 19.4 trillion in 2024, representing a 57% rise from previous targets. FIRS Chairman Zacch Adedeji emphasized that this ambitious goal would be achieved through tax reforms aimed at enhancing efficiency without introducing new taxes or increasing the rates of existing ones.
Speaking during an interactive session with the Senate Committee on Finance, Adedeji reassured Nigerians that the reforms would focus on simplifying the tax process, reducing the number of taxes citizens need to pay, and streamlining tax administration. The reforms also aim to harmonize multiple tax laws and create transparency in revenue collection, aligning with international standards.
The proposed reforms include four executive bills, such as the Nigeria Tax Bill and the Nigeria Revenue Service Bill, which, when passed, will modernize the tax system and expand the tax base without burdening taxpayers with additional rates.
This move reflects the government's commitment to improving tax collection efficiency while fostering a fair and transparent tax system.
Key Highlights:
- Target to increase tax revenue to NGN 19.4 trillion in 2024.
- No introduction of new taxes or increase in current rates.
- Focus on tax simplification and transparency through legislative reforms.
The FIRS is set to modernize Nigeria's tax framework, creating a system that supports economic growth without additional financial pressure on citizens.
The Federal Inland Revenue Service (FIRS) plans to significantly increase Nigeria’s tax revenue to NGN 19.4 trillion in 2024, representing a 57% rise from previous targets. FIRS Chairman Zacch Adedeji emphasized that this ambitious goal would be achieved through tax reforms aimed at enhancing efficiency without introducing new taxes or increasing the rates of existing ones.
Speaking during an interactive session with the Senate Committee on Finance, Adedeji reassured Nigerians that the reforms would focus on simplifying the tax process, reducing the number of taxes citizens need to pay, and streamlining tax administration. The reforms also aim to harmonize multiple tax laws and create transparency in revenue collection, aligning with international standards.
The proposed reforms include four executive bills, such as the Nigeria Tax Bill and the Nigeria Revenue Service Bill, which, when passed, will modernize the tax system and expand the tax base without burdening taxpayers with additional rates.
This move reflects the government's commitment to improving tax collection efficiency while fostering a fair and transparent tax system.
Key Highlights:
- Target to increase tax revenue to NGN 19.4 trillion in 2024.
- No introduction of new taxes or increase in current rates.
- Focus on tax simplification and transparency through legislative reforms.
The FIRS is set to modernize Nigeria's tax framework, creating a system that supports economic growth without additional financial pressure on citizens.