FG to streamline taxes from 52 to 10, FIRS to be renamed Nigeria Revenue Service

In a bid to ensure ease of doing business, transparency and efficiency in revenue collection, the Federal government has mooted plans to reduce the number of taxes from 52 to 10 and also change the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS) which will harmonise all tax collection activities of the Federal government.

This was made known 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.”

Multiple taxes

Speaking during the lecture, Mr. Adedeji said the problem of multiple taxations has reduced trust and compliance among taxpayers in the country. He noted that the aim of this administration is to “let the poor breathe” as they plan to tax ‘prosperity’ and ‘fruits’ not ‘seeds.

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”

Consolidation of tax collection agencies

He also faulted government agencies who combine regulatory duties with revenue collection which is not their designated mandate.