Zacch Adedeji, chairman of the Nigeria Revenue Service (NRS), says federal government needs at least five years to stabilise newly launched tax laws.
Speaking on Thursday at a crossover service in Oyo state,
Adedeji said the new tax framework is designed to harmonise Nigeria’s tax
system by unifying multiple taxes into a single structure.
He said the reform would significantly reduce compliance
costs while creating a unified approach to revenue administration.
According to the chairman, the reform will establish a
one-stop shop for revenue administration in Nigeria, positioning the country
more competitively among its peers in Africa and globally.
“We just launched the new law. We will need a minimum of
five years to stabilise it,” NRS boss said.
“I trust the capacity of my colleagues that we are more than
prepared to give Nigeria what it deserves, which is the best.”
Adedeji appealed to Nigerians and religious leaders to
support President Bola Tinubu’s tax reform agenda, noting that domestic revenue
mobilisation is critical to sustaining Nigeria’s prosperity drive.
On June 26, Tinubu signed the four tax reform bills into
law.
The four laws are the Nigeria tax bill, the Nigeria tax
administration bill, the Nigeria revenue service (establishment) bill, and the
joint revenue board (establishment) bill.
Despite calls to stop its implementation, the president
confirmed that the implementation of the new tax laws will commence as
scheduled.
While acknowledging the public outcry over alleged
differences in the tax laws approved by the national assembly and the gazetted
laws, Tinubu said there is no substantial reason not to implement the reforms.
The president said the reforms are a once-in-a-generation
opportunity to build a fair, competitive, and robust fiscal foundation, and
they are not designed to raise taxes.
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