From Lateef Taiwo
The Chairman of the House of Representatives Committee on Finance, Hon James Abiodun Faleke yesterday met with a delegation of management team of the Federal Inland Revenue Service at the National Assembly Complex to get first hand information about the service on several tax related sundary issues.
Speaking during the meeting, Hon Faleke explained that the meeting was to give members a first hand information on the necessity of four bills that was recently sent to the House by President Bola Ahmed Tinubu adding that the Service was invited by finance committee to enable it make informed contribution when the bills comes up for second reading.
In his reactions, the Chairman of the Federal Inland Revenue Service, Zack Adedeji informed lawmakers that the four tax reform bills was aim to harmonise all tax laws and establishment bills in Nigeria.
FiRS boss further told the Finance committee that the tax reform bills recently presented to the National Assembly is not aimed at increasing tax or introducing new taxes into the nation’s tax books adding that the bill is not aimed at merging any government agency that may later lead to any jobs loss.
The meeting with the Committee was necessitated to ascertain various matter ahead of the second reading of the bills.
“No agency is superior to the other and you cannot ask one agency not to carry out the order. So, Mr. President saw that this is not good for the economy and the only way to do that is to harmonise all the tax laws and have them in one place.
Responding to questions, FIRS Chairma stressed the need to organise the fiscal framework in the country adding that there is no law anywhere to actually regulate or monitor Cyrotocurrency.
“We are in a global community and there is no way we can exclude ourselves from what is happening globally. So, the the bills is to organise the fiscal efficiency in the fiscal framework.
“Another this is to synergies all revenue collecting agencies. One of the things we also consider is efficiency in government spending. For example, prior to the implementation of TSA, government will have money in one bank and be borrowing from another because we don’t have the holistic view.
“But when TSA was implemented, it gave us a holistic view of where government monies are. With that, you will not have money on one bank and be borrowing from another.
“Another principle is to improve the transparency and integrity of revenue collection and there is nothing that we will do than understanding the laws so that they will be very simple to comply with.
“We also want to complete out tax laws in other to represent the current realities that we have. Currently, we are using the tax integrity test of 1939 when there was no internet, no online shopping. In other to align ourselves with current realities, it is the wisdom of Mr. President that all these bills be implemented. We also want to align ourselves with international standard.
“Nigeria is a destination for investment, where people will consider where will give them the best return on their investment. One of the things to consider is the fiscal framework for the destination for their investment. So, in other to align ourselves with the international standard and attract investment into Nigeria, Mr. president presented these bills.
Consequently, the Committee finally resolved to go on a four weeks retreat where a clause by clause consideration will be considered before conducting a public hearing to ascertain public opinion of Nigerians on the proposed Bill’s.
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