President Tinubu Stops Taxes Increase, Orders Single-Digit Tax System

President Tinubu has stopped tax increases and ordered a single-digit tax system.

 

NewsOnline Nigeria reports that President Bola Ahmed Tinubu has given a directive for a single-digit tax system in the country.

The Chairman of the Federal Inland Revenue (FIRS), Zaccheus Adedeji, said this on Wednesday when he received the management team of Guinness Nigeria, led by its Chief Executive Officer (CEO), Adebayo Alli, on a visit to the Revenue House in Abuja.

 

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Adedeji described the directive as a strategic plan that is being religiously followed to lead the country out of the current economic challenges.

 

The chairman said the FIRS will not introduce additional taxes nor increase any form of taxes, adding that the maximum number of taxes in the country will not be more than nine.

He said: “The president gave a directive that he wants a single digit tax in the country, meaning that the maximum number of taxes we will have after the work of the presidential committee on fiscal policy and tax reforms will be nine taxes.

 

“For us at FIRS, we have responded to that directive. We want to grow the pie such that even if we are taking the same percentage of the bigger pie, the result will be huge.

 

“By God’s grace, we will not introduce additional taxes nor increase any form of taxes. We are only determined to increase the pie.

 

“We have restructured our operations at FIRS in such a way that we are now effectively carrying out our duty of assessing, collecting and accounting for taxes.

 

“We used to have functional types of taxes, but we have identified that the only customers we have are the taxpayers.

“We have improved the way we relate with our customers by rearranging our operations based on our customers, using their turnover as the basis to categorise them into large, medium and small.

“We did this to actually develop expertise in what we do. Secondly, to provide you with a one-stop shop for your activities.

 

“If you are in a large tax group, you only need to go to one office to pay all forms of taxes, including audit and other activities. You don’t need to move from one office to another again.

 

“We are here to serve you. You taxpayers are not armed robbers or criminals that we will be chasing about. FIRS is also not a law enforcement organisation. We are partners in progress.”

 

Adedeji said the president, through the consumer credit scheme recently introduced which will be launched soon, intends to increase the purchasing power of Nigerians to boost the productive capacity of companies and stimulate growth.

 

According to the chairman, another bold decision the president has taken is the birth of the Renewed Hope Infrastructure Fund.