Bunmi AdulojuThe Federal Inland Revenue Service says an executive bill which seeks to restructure revenue administration in Nigeria, including regulation of the cryptocurrency industry, is being drafted for transmission to the national assembly.
“By the special grace of the Almighty God, we will bring a bill for a law to overhaul the whole process of revenue administration in Nigeria. Part of what we intend to achieve with this is to harmonise revenue collection, making tax laws very simple to understand and to be in tune with our current realities,” he said.“For example, the Stamp Duty Act was made in 1939 when there was no internet connectivity or any of the features of modern society as we have it now.
“We set a target of N19.4 trillion for ourselves. We are almost in the third quarter of the year and with the figures we are seeing so far, I can say we are on the path of achieving our target,” he said.Commending FIRS for organising the stakeholders’ meeting, Sani Musa, chairman of the senate committee on finance, said the FIRS should be the regulating and collecting agency for all taxes for the federation.