Abuja, Aug. 19, 2024 – Federal government will soon review it laws to overhaul revenue administration and legalise crypto transactions.
Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), said this at the 2024 stakeholders’ engagement with the Senate and House Committees on Finance.
He also expressed reservations that Nigeria had no law guiding the digital market, particularly transactions in crypto currency.
The FIRS boss promised that government planned to regulate transactions in crypto currency in such a way it would not be injurious to the economic development of the country,
He said there would be revenue harmonisation, recording and simplification of tax laws.
Adedeji said Nigeria was still using the Stamp Duty Act of 1939 when there was no internet connection, saying this explained the reason President Bola Tinubu set up the tax and fiscal reform committee to change and check the law.
“We are on the path of making sure the target of N19.4 trillion target we were given is achieved. We commend the recent windfall levy passed to increase FIRS’ ability to meet target and get more revenue and redistribute the wealth.
“By September, we are bringing the law that would overhaul all the process of revenue administration in Nigeria, harmonising the revenue, recording and simplifying the tax law that we have.
“For instance, the Stamp Duty Act of 1939, when there was no internet or connection, is what is still in use.
“Today we cannot run away from crypto currency, but as we stand currently, there is no law anywhere in Nigeria that regulates crypto currency and it is the new thing that is happening and we cannot run away from it.
“The law we are using today is 1939 law. As at that time, there was no state or local government. That is the reason the President set up the tax and fiscal reform committee to check and change all these laws,” he said.
