Breaking News: The Federal Inland Revenue Service (FIRS) has announced plans to introduce a new tax regime in September 2024 which will feature a new set of tax laws targeting the Cryptocurrency industry in Nigeria; 9AM can authoritatively report.
Dr. Zacc Adedeji, the executive chairman of FIRS, made this announcement at the FIRS 2024 Stakeholders Engagement held on Saturday, August 19, in Lagos.
The FIRS convention was attended by members of the Finance committees of both the Senate and the House of Representatives.
Dr. Zacc Adedeji bemoaned the absence of regulations government cryptocurrency markets and operations in the country and highlighted the need to enact laws to regulate the cryptocurrency space.
Estimates place the value of Nigeria’s cryptocurrency industry at around $500 million, with almost 34% of the country’s banking population possessing at least one form of cryptocurrency asset.
The FIRS boss informed that the new tax regime will transform the country’s revenue systems and further simplify and streamline the extant tax laws and make budget funding more viable while supporting the President’s economic plans.
In his statement made available to 9AM News Nigeria the FIRS boss said “For example, the stamp duty tax law of 1939 when there was no internet or connectivity, nor Local Government. Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”
“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world. When there are innovations of system, you must plan to regulate it in such a way that it is not injurious to economy development of Nigeria,”
He conveyed his appreciations to the National Assembly for its support to the Federal Inland Revenue Service which has helped the agency to carryout its roles and foster wealth redistribution.
He assured that the FIRS will meet its target of raising N19.4 trillion set for it by the National Assembly.
More Highlights from the FIRS Convention
- Lawmakers assured of expedited action on the bills pertaining to the new tax administration once plenary resumes.
- When the bill becomes law it would become the first major amendment to the country’s tax systems since pre-independence.
- Chairman Senate committee on Finance Senator Mohammed Musa stated that it is crucial to regulate the cryptocurrency markets with necessary legislations, in order to boost revenue generation.
Ogasabi of 9AM News Nigeria stumbled upon a report by Chainalysis a foremost cryptocurrency analyst which estimates the volume of cryptocurrency transactions in Nigeria to have reached $56.6 billion between 2022 and 2023.
