The Presidential Committee on Tax Policy and Fiscal Reforms said the proposal to cede revenue collection by the Nigeria Customs and other 62 agencies of government to the Federal Inland Revenue Service, FIRS, is to block leakages, improve accountability as well as reduce unnecessary expenses in the cost of revenue collections.
Chairman of the committee, Taiwo Oyedele, announced that the Nigeria Customs Service and 62 other Ministries, Departments, and Agencies ( MDAs) of the Federal Government will no longer collect revenue for the Federal Inland Revenue Service, FIRS.
Oyedele, a guest on Channel Television, Wednesday Sun Rise Programme, further disclosed that the revenue collected by the affected MDAs would be transferred to the Federal Inland Revenue Service, FIRS, adding that the decision is the best way to block leakages.
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He lamented that Nigeria’s revenue collection from taxes is among the lowest globally, while the process of collecting the revenue remains very high.
The Tax expert said that many MDAs, which were not initially designed for revenue collection, have been burdened with the task, diverting their focus from their core functions essential for the country’s economic growth.
According to him, the new policy will enable organizations like Customs to focus on border protections, while regulatory bodies like the Nigerian Communication Commission (NCC) will focus solely on Telecommunications regulations.
He said the resistance from stakeholders in the affected sectors was expected because the policy has handed them off from illegal money they were drawing from the ailing economy.
He, therefore, assured Nigerians that the new tax and revenue policy will help the Federal Government to live up to its expectations of providing Infrastructure, creating employment and ensuring good medical facilities in the country.
It would be recalled that the economic team of President Tinubu had earlier proposed the merger of Customs, NIMASA and FIRS.
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