Home News Why Nigeria’s Tax System Should Be Overhauled – Zacch Adedeji

Why Nigeria’s Tax System Should Be Overhauled – Zacch Adedeji

...Zacchaeus Adelabu Adedeji...
...Zacchaeus Adelabu Adedeji...

Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has called for an overhaul of the country’s tax system.

Adedeji, who is also the chairman, Joint Tax Board (JTB), wants the tax system to be simple, coherent and technology-driven.

The FIRS boss spoke at the opening ceremony of the 154th meeting of the JTB in Abuja.

The JTB chairman, highlighted the “unwieldy composition” of the tax system as a major obstacle. He called for the need to leverage technology to achieve the desired goals.

He pointed to the success of the FIRS in achieving record collections last year as an example of what can be accomplished with the right approach.

The JTB boss said he was impressed with the performance of the state governments at collecting taxes.

He said the total tax collected by state governments is expected to exceed N2 trillion for the first time.

“The dynamics of the global economy require us to strengthen our processes through technology and digital transformation,” Adedeji stated. He stressed the importance of both process and personnel in achieving optimal tax revenue collection.

While acknowledging the positive results of 2023, the chairman of JTB cautioned against focusing solely on nominal growth rates. He emphasized the need for “a holistic, sustainable and inclusive growth” that encompasses institutions, people, technology, and other factors contributing to the overall health of the national economy.

Adedeji highlighted the JTB’s recent initiatives to address funding challenges, invest in technology and digital processes, and prioritize training and capacity building for its members and staff.

He expressed confidence that these interventions will yield positive results for the entire tax administration ecosystem.

The JTB, a collaborative body of the FIRS and state tax authorities, plays a crucial role in coordinating tax policy and administration across Nigeria.

The chairman’s statement underscores the organization’s commitment to modernising the tax system and maximizing revenue collection to support the nation’s development goals.

Credit: thenationonlineng.net

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