Politics
By Tennyson Sampson
Zacch Adedeji, Acting Executive Chairman, Federal Inland Revenue Service has said that tax reforms are integral to a robust fiscal policy.
Adedeji, who was recently appointed by President Bola Ahmed Tinubu as FIRS Chairman, said in his address at the just concluded retreat on Fiscal Policy and Tax Reforms for Senators.
The FIRS boss said, “I am acutely aware of the profound importance of a sound fiscal policy and well-thought-out tax reforms in our country. Nigeria, with its vast potential and abundant resources, is positioned to make significant strides in economic development.
“However, to harness this potential, we must address the challenges and opportunities presented by our fiscal policies and tax systems.”
He noted that a well-structured fiscal policy is essential to provide the necessary infrastructure, healthcare, education, and social services for the nation’s growing population.
According to him, it is equally crucial in ensuring that the country’s economic environment remains competitive for both domestic and foreign investors.
“Our current tax system, though making significant contributions to our revenue, has room for improvement. We must focus on simplifying the tax laws, enhancing compliance and broadening the tax base to ensure fairness and equity. This will stimulate economic growth and reduce the burden on individuals and businesses alike,” he said.
He commended President Bola Ahmed Tinubu, for setting up the Presidential Fiscal Policy and Tax Reforms Committee to review and recommend changes that will address our long-standing fiscal challenges.
“We, at the FIRS, are fully committed to supporting these reforms. We have taken substantial measures to improve tax collection efficiency, reduce tax evasion, and foster a business-friendly environment. But we need to do more. The support that we receive from the National Assembly has been invaluable and I am confident that with your continued support, we can achieve even more remarkable results.
“In addition to reforms, we must also explore avenues for diversifying our revenue sources. Over-reliance on oil revenues has exposed our economy to volatility as witnessed in recent years. Diversification of revenue sources will not only bolster our fiscal resilience, but also enable the government to better serve the people and address our most pressing needs, especially lifting our people out of poverty.
“As we deliberate on fiscal policy and tax reforms, we must bear in mind the need for social inclusion and poverty reduction. Our incentives must be targeted and rationalised to limit abuse and avoidable leakages while promoting investment and job creation,” he said.
He concluded that the fiscal policy and tax system challenges are opportunities for a brighter, more prosperous Nigeria and expressed the hope that through collaboration, diligent efforts, and innovative thinking, “we can forge the path to a more equitable, efficient, and prosperous future”.
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October 21, 2023 @ 19:47 GMT|
Tags: President Bola Ahmed Tinubu Zacch Adedeji
