TO simplify Nigeria’s tax system, check duplication of efforts to stimulate ease of compliance with the law, the National Assembly is considering a legislative action for consolidation of revenue collection into a single agency.
It captured the need to, “Enhance public spending efficiency, by tackling corruption in Government spending in order to provide commensurate fiscal exchange to citizens and boost tax morale. “To address exchange rate management issues, challenges of inflation, address poverty, and create jobs, there is a need to consider and approve the Emergency Economic Intervention Bill from the Executive as a proposed legislation from the Presidential Committee on Fiscal Policy and Tax Reforms.
It further captured, “Need for effective management of resources by adopting technology in expenditure management, driving adherence to fiscal rules and benchmarks, establishing a national fiscal risk framework for revenue, debt, and expenditure.“Nigerian Government should consolidate revenue collection into a single agency like the FIRS. This would simplify the tax system, reduce duplication of efforts, and make it easier for taxpayers to comply with the law.
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