“At the beginning of the year, we had a target of N19.4tn and from the beginning of the year, we set out our plans. And today we are in August, which we are almost three-quarters of the year. And I am saying that from the figure we are seeing by the special grace of Almighty God that we are on the path to make sure that we achieve N19.4tn. We are eight months gone already, and from what we’ve seen, achieving N19.4tn is achievable,” Adedeji noted.
Earlier in the year, FIRS set a revenue collection target of N19.4tn after surpassing its 2023 target by 107 per cent, which represents a 56.9 per cent increase from the previous year’s revenue and 67.91 per cent from the previous year’s target.
Adedeji also maintained that the service would be seeking the support of the National Assembly to enact a law on the crypto industry and bring up-to-date the Stamp Duty Act.
He said, “The plan first is to have the law that regulates it, and that is why you see that we are here with the legislature, which will be the base of charging. And that is done in any other place in the world when you have this innovation or system, so you just have to get ready for it because you can’t go away from it. So, we just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
Adedeji informed the lawmakers about the proposed bill, saying, “Just to put you on notice, by September, we are bringing a law that would overhaul the whole process of revenue administration in Nigeria, harmonising, recoding and simplifying the tax laws that we have. For example, the Stamp Duty Act was passed in 1939 when there was no Internet connectivity or any of the features of modern society as we have it now.
Subscribe our newsletter to stay updated
Thank you for subscribing!
Subscribe our newsletter to stay updated
Thank you for subscribing!
