In a bid to navigate Nigeria towards a more efficient and technologically advanced tax regime, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has emphasised the urgent need to overhaul the country’s unwieldy tax composition.
Speaking at the 154th meeting of the Joint Tax Board in Abuja, Adedeji highlighted the critical role of a well-designed and managed tax system in not only generating revenue for the state but also in fostering investment, promoting social equity, and driving sustainable economic growth.
“The simplification of our tax system, the need for coherence, harmony, and synergy, and the need to leverage technology in a 21st-century world are imperatives required to achieve our desired objectives,” Adedeji stated yesterday.
The theme of the summit, “Optimising tax administration: Leveraging harmonisation of taxes via digital transformation,” underscores the importance of embracing digitalization to streamline tax processes and enhance revenue generation.
Adedeji stressed the importance of forward-thinking strategies that anticipate and proactively engage with Nigeria’s evolving socio-economic landscape. He emphasised the need for tax authorities to position themselves as hubs for pioneering ideas and innovative approaches to tax administration.
“While it’s encouraging that tax collection figures are nearing the N2 trillion threshold at the sub-national level, our focus should be on holistic, sustainable, and inclusive growth,” Adedeji remarked. “This entails addressing institutional, technological, and socio-economic factors to ensure the overall health and well-being of the national economy.”
The call for tax reform comes amidst concerns over Nigeria’s fragmented and complex tax system, which poses challenges to compliance and revenue optimisation. By streamlining tax processes, enhancing transparency, and embracing digital transformation, Nigeria aims to unlock the full potential of its tax revenue and foster economic development.
As Nigeria seeks to navigate the complexities of the global economy, the adoption of technology and innovative approaches to tax administration will be instrumental in driving efficiency, promoting accountability, and ensuring the equitable distribution of tax burdens.
In conclusion, Adedeji reiterated the importance of collective efforts in reforming Nigeria’s tax system, emphasising that only through comprehensive and forward-thinking reforms can the country truly harness the full potential of its tax revenue for sustainable economic growth and development.
SOURCE: LEADERSHIP
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