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Nigeria in Diaspora group says FIRS Boss Zacch Adedeji Crypto tax reforms a game changer
The Nigeria Professionals in Diaspora group has praised Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), for his innovative crypto tax reforms, describing them as a game changer for Nigeria’s economy.
In a statement delivered during a press conference in Abuja and signed by Dr. Obiora Okereke, President, and Chief Mrs. Bukola Shonekan, Home Secretary, the group commended Dr. Adedeji’s efforts to modernize Nigeria’s tax system and effectively incorporate cryptocurrencies.
“Dr. Adedeji’s crypto tax reforms are a bold step towards embracing the digital economy,” the statement read. “His leadership ensures Nigeria’s tax policies adapt to the evolving financial landscape, aligning with global standards.”
The group noted that the current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies. They applauded Dr. Adedeji’s plans to establish clear guidelines for digital assets, simplify tax reporting, and leverage technology to ease compliance.
“Dr. Adedeji’s approach will boost confidence in the cryptocurrency market, protect consumers, and attract international investment,” the statement added. “His commitment to modernizing Nigeria’s tax system is a game changer for the country’s economic growth.”
The Nigeria Professionals in Diaspora group urged stakeholders to support Dr. Adedeji’s initiatives, saying, “This move will create a more transparent, secure, and thriving financial system for Nigeria.”
With Nigeria’s growing engagement in digital currency trading, the group recognized the need for a regulatory framework that effectively manages the evolving financial world.
“Dr. Adedeji’s crypto tax reforms are a step in the right direction,” the statement concluded. “We commend his vision and leadership in positioning Nigeria for economic success in the digital age.”
The statement added that “Dr Zacch Adedeji’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring with it benefits for Nigerians. By setting clear rules for digital assets, these reforms make it easier for people and businesses to understand and meet their tax responsibilities. This clarity helps boost confidence in the cryptocurrency market and encourages more people to get involved.”
It noted that as the digital economy evolves, keeping tax regulations up to date with technological advancements is important.
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Tax Reforms, Will Bring Prospeeity-Presidency
Special Adviser to the President on Public Communication and Orientation, Chief Sunday Dare have explained that President Bola Tinubu is determined to promote prosperity by protecting the vulnerable, while eliminating unnecessary financial strain on citizens and ensuring a more efficient revenue collection process.
Dare, in an opinion piece, titled “Tinubu’s People-Centric Tax Reforms and Ndume’s Threat“asserted that President Tinubu meant well for Nigerians as he encouraged people to study the bills and to mobilise support for them to be passed by the National Assembly.
He wrote that “The President’s vision and clear mandate is evident in what the Fiscal policy and tax reforms Committee delivered as recommendations to the government, and became a part of the Economic Stabilisation Bills (ESB) approved by the Federal Executive Council in September, as part of the Accelerated Stability and Advancement Plan (ASAP) of the government.
According to him, “It was in furtherance to a realisation of these objectives that President Bola Tinubu sent a letter to the two chambers of the National Assembly, requesting for the approval of four tax reform bills, which are: “The Nigeria Revenue Service (Establishment) Bill”, “The Nigeria Tax Bill”, “The Nigeria Tax Administration Bill,” and “The Joint Revenue Board (Establishment) Bill.”
He said “These Bills seek to provide a consolidated fiscal framework for taxation in Nigeria, a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax disputes and optimize revenue, among others.
Dare urged people to familarise themselves with “What is driving the reforms and the proposals that have been laid out, which include consolidating the different ‘nuisance taxes’ taxes and levies, which some have put at 62 official and 200 unofficial taxes into a streamlined system of 8 taxes to eliminate unnecessary financial strain on citizens while ensuring a more efficient revenue collection process.
“The committee is also pushing for a constitutional amendment to limit the total number of taxes on individuals and businesses to a single-digit. The objective, it says, to provide greater financial stability and predictability for taxpayers, fostering a more conducive business environment. Apart from that are the amendments to the withholding tax regulation, with businesses earning below 50 million Naira exempted from this tax, to provide relief for small companies and reduce the tax burden on emerging enterprises to engender growth of SMES, which play a central role in providing employment and the development of the econo
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