Since assuming office, Zacch Adedeji, chairman of the Federal Inland Revenue Service , has been on a mission to improve Nigeria’s tax sector. President Bola Tinubu and Dr Adedeji are working closely to tackle the country’s tough economic challenges. At the forefront of their agenda is the introduction of the proposed “emergency fiscal bill”, which promises substantial benefits for Nigerians.
The emergency fiscal bill, also known as the Emergency Economic Intervention Bill , emphasises the need to revamp how the government manages finances. Adedeji is not just identifying problems; he’s also focusing on solutions. He advocates for the harmonisation of revenue collection under a single agency, drawing parallels with global best practices. This approach aims to improve organisation and efficiency, like successful practices in other countries.
Ease of business barriers to business and tax payment will take away problems or issues that hinder tax compliance, enabling more customer-friendly ways of collecting tax levies through the automation of tax collection. Also, in a situation where businesses are subjected to various taxes and levies imposed by different levels of government, it can result in a significant burden on the businesses’ financial resources. Support for business cash flow and support entrepreneurs/SMEs.
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