In a strategic move to rework the nation’s obsolete tax policy, the Federal Inland Revenue Service (FIRS) and the National Assembly recently deliberated on policies and laws critical for revenue growth.
Deliberations on the front burner included Interaction between Tax Policy, Legislation and Administration: Implications for Tax Revenue Collection amidst Nigeria’s Current Economic Challenges; The Path to Realizing FIRS Mandate, Mission and Vision: Prospects and Retrospects; Understanding the New Slogan of FIRS in Its Quest for Meeting Its Ambitious N19.4 trillion Revenue Target and the Role of Finance
Committees in Supporting the Tax Revenue Collection Efforts of the Service.
Speaking during the 2024 Stakeholders Engagement with the Senate and the House Committee on Finance Organised by the Intergovernmental Relations Department with the theme, ‘Repositioning The FIRS to achieve its mandate’, Executive Chairman FIRS, Zacch Adedeji, noted that the synergy was to interact and to seek out new ways by which to continuously “improve our processes and achieve our mandate of assessing, collecting and accounting for revenue accruing to the Nigerian federation, and administering relevant tax laws”.
To achieve the mandate, Adedeji explained that service has taken different steps to increase its efficiency and effectiveness, with the ambition of gradually deepening the public’s trust in our ability to simplify tax and maximise revenue and achieve a greater confidence in the tax system through a combination of initiatives and mechanisms that focus on people, processes and technology.
The FIRS boss, who believes that the ultimate goal is to collectively improve the nation’s revenue profile, said he envisaged a path for the Service to work much more closely with its various stakeholders, to build on each other’s capacity, learn from each other’s experiences, to avoid conflict and instead reinforce each other’s strengths.
He said the engagement outlined in this meeting’s agenda will translate into real shifts of thinking and acting in our collaborations and in fulfilling the common goal of constantly growing our revenue.
“We also hope that this shared privilege of shaping the blueprint of the future of our relationship, interaction, collaboration, communication, cooperation and engagement will translate into a shared responsibility to successfully work together and build the tax system we want”.
The FIRS boss was hopeful that achieving 19.4 trillion is achievable, going by present result on ground, in the third quarter of the year.
