The Federal government plans to reduce the number of taxes from 52 to 10 in its bid to ensure ease of doing business, transparency and efficiency in revenue collection.
This was disclosed by President Tinubu’s special adviser on revenue Mr. Zacch Adedeji during the virtual TOPAZ 88 lecture series titled “Revenue Challenges and Opportunities in Nigeria Today.”
According to Adedeji, FG also plans to change the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS) which will harmonise all tax collection activities of the Federal government.
He said that multiple taxation has reduced trust and compliance among taxpayers in the country.
Commenting on the FG’s plans, Mr. Adedeji said “This is why, in the coming days when the tax committee is constituted, we will ensure that we streamline our taxes from 52 to 10 because we have realised that it is very difficult to have compliance due to so many taxes”
In his words, “What we want to do now is to ensure that regulators focus on regulations while agencies in charge of tax collections will collect. “
“For instance, the Nigerian Maritime Administration and Safety Agency (NIMASA) collect 3% freight duty, but it is not their duty.
“Their duty is to secure the waterways. The collection of freights is the sole responsibility of the Nigerian Ports Authority. This is the reason we have leakages because we don’t know how much we have”
Adedeji, said FG plans to consolidate revenue collection in one government agency – the Nigeria Revenue Service to ensure that all taxes due to the government are collected by one agency and to avoid duplication.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.