Tax Revolution: President Tinubu’s Bold Move Towards Economic Growth

Agency Reporter4 weeks ago

1 minute read

President Bola Ahmed Tinubu has set a groundbreaking course for a single-digit tax system nationwide, ushering in a new era of economic transformation. This directive, as disclosed by the Chairman of the Federal Inland Revenue (FIRS), Zaccheus Adedeji, signals a strategic plan aimed at navigating the country out of its current economic challenges.

In a recent meeting at the Revenue House in Abuja, Adedeji outlined the president’s directive, emphasizing that the FIRS is fully committed to implementing this visionary agenda. Under this plan, the maximum number of taxes in the country will not exceed nine, streamlining the tax landscape for greater efficiency and transparency.

Adedeji reassured that there would be no imposition of additional taxes or hikes in existing tax rates. Instead, the focus will be on expanding the tax base to generate more revenue while easing the burden on taxpayers. The FIRS has undergone significant restructuring to enhance its operations, with a renewed focus on assessing, collecting, and accounting for taxes.

One notable shift is the reorganization of tax categories based on turnover, ensuring tailored services for large, medium, and small taxpayers. This customer-centric approach aims to streamline processes and provide a seamless experience for taxpayers, consolidating various tax obligations under one roof.

Addressing concerns about compliance and enforcement, Adedeji emphasized that the FIRS views taxpayers as partners in progress, striving to build trust and collaboration rather than resorting to punitive measures. He underscored the importance of fostering a conducive environment for economic growth, with initiatives such as the consumer credit scheme and the Renewed Hope Infrastructure Fund poised to stimulate investment and productivity.

President Tinubu’s decisive actions reflect a forward-thinking vision for sustainable economic development, laying the groundwork for a more resilient and prosperous future for Nigeria. With a clear focus on efficiency, fairness, and partnership, the nation embarks on a transformative journey towards prosperity and inclusive growth.