Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained the reason behind the planned change from the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
He spoke at a stakeholder session with tax consultants and Chief Financial Officers (CFOs).
The Nigeria Revenue Service Establishment Bill proposes to replace the FIRS Establishment Act with a new law to create the NRS.
Oyedele explained that the FIRS is not just a revenue agency for the federal government. It collects taxes that go into the Federation Account, meaning it serves the entire federation, not just the federal government.
However, the name “FIRS” doesn’t fully reflect its role, which is why the change to NRS is being proposed. Under the new system, the NRS will not only continue the work of the FIRS but also manage other taxes, levies, and government revenues.
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Oyedele also stressed that regulators should not be directly involved in collecting taxes and levies, which is a key part of the proposed reforms.
He said, ”The Nigeria Revenue Service Establishment Bill is set to repeal the Federal Inland Revenue Service (FIRS) Establishment Act and create the Nigeria Revenue Service (NRS).
”The FIRS is not the sole revenue agency of the federal government; the taxes they collect go to the Federation Account, meaning they are the revenue agency of the Federation.
”Therefore, their name does not accurately represent their functions. We propose renaming it to NRS and giving them the responsibility of administering other taxes, levies, and revenues for the government. We don’t want regulators collecting taxes and levies.”
Changed Identity From FIRS to NRS Signifies Broader Mission
At the Stakeholder Session with Tax Consultants and Chief Financial Officers (CFOs), Mr Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, pic.twitter.com/PqdbVZNuzu
— Fiscal Reforms Nigeria (@fiscalreformsng) December 2, 2024
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