FG needs minimum five years to stabilise tax laws, says Zacch Adedeji

By Abubakar Yunusa

Zacch Adedeji, chairman of the Nigeria Revenue Service (NRS), says federal government needs at least five years to stabilise newly launched tax laws.

Speaking  at a crossover service in Oyo state, Adedeji said the new tax framework is designed to harmonise Nigeria’s tax system by unifying multiple taxes into a single structure.

He said the reform would significantly reduce compliance costs while creating a unified approach to revenue administration.

According to the chairman, the reform will establish a one-stop shop for revenue administration in Nigeria, positioning the country more competitively among its peers in Africa and globally.

“We just launched the new law. We will need a minimum of five years to stabilise it,” NRS boss said.

“I trust the capacity of my colleagues that we are more than prepared to give Nigeria what it deserves, which is the best.”

Adedeji appealed to Nigerians and religious leaders to support President Bola Tinubu’s tax reform agenda, noting that domestic revenue mobilisation is critical to sustaining Nigeria’s prosperity drive.

On June 26, Tinubu signed the four tax reform bills into law.

The four laws are the Nigeria tax bill, the Nigeria tax administration bill, the Nigeria revenue service (establishment) bill, and the joint revenue board (establishment) bill.

Despite calls to stop its implementation, the president confirmed that the implementation of the new tax laws will commence as scheduled.

While acknowledging the public outcry over alleged differences in the tax laws approved by the national assembly and the gazetted laws, Tinubu said there is no substantial reason not to implement the reforms.

The president said the reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation, and they are not designed to raise taxes.