FIRS working on executive bill to replace obsolete tax laws, regulate crypto industry
The FIRS says an executive bill which seeks to restructure revenue administration in Nigeria, including regulation of the cryptocurrency industry, is being drafted for transmission to the national assembly.
Zacch Adedeji, FIRS chairman, spoke on Saturday at a stakeholders’ engagement with a joint committee of the national assembly in Lagos.
According to a statement by the special adviser on media to Adedeji, the FIRS chairman said the objectives of the bill include simplifying tax laws, harmonising collection of revenue as well as seeking the replacement of obsolete tax laws with new ones in line with the current economic realities.
“By the special grace of the Almighty God, we will bring a bill for a law to overhaul the whole process of revenue administration in Nigeria.
Today, we cannot run away from the cryptocurrency ecosystem because it is the in-thing. But as it stands in Nigeria today, there is no law that regulates cryptocurrency operations. We need a law that regulates that area of our economy.
