The Federal Government has proposed the renaming of the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS).
This is one of the amendments proposed to the 2022 Finance Act which was sent to the National Assembly by the President Muhammadu Buhari.
The Minister of Finance, Budget and Economic Planning, Zainab Ahmed disclosed this while defending the proposed amendments before the Senate Committee on Finance on Thursday.
She added that other provision of the Finance Act include the reorganisation of the board of the FIRS by separating the executive management from the board of directors while the chairman would now be referred to as Commissioner General.
The amendments to the Finance Act were expected to be passed with the 2023 Appropriation Bill which is expected to be considered and passed next week.
This Finance Bill is the fourth one in the series that seeks to complement the budget cycle of January-December that was re-established with the 2020 Appropriation Act by the 9th National Assembly.
It also proposed the 35 percent on electronic money transfer levy receipt to be paid to local government as against an Initial 15 percent to the Federal Government and 85 per cent to the state.
Earlier, the Chairman of the Senate panel, Senator Solomon Adeola, while welcoming the minister, explained that the bill generally sought to review and possibly amend sections of existing legislation on revenue for the nation.
He said, “The intent of these amendments is not only for generating increased revenue for the government but also providing clarity, removing ambiguities, providing succor for deserving persons and sectors as well as bringing our laws up to speed with global best practices.
“Let me restate that in our nation’s legislative development, the way forward at present is not much about enacting new laws as much as amendments of old laws to take care of new realities and reform observed shortcomings in the implementation of existing laws.
“Such new realities include the development of new technologies and their implications for revenue/income generation by individuals, corporate bodies, and government agencies. This among other realities and observed challenges are the rationale for the yearly amendments contained in the proposed Finance Bill.
“In the bill referred to the Committee, a total of 10 existing Acts are proposed for amendments namely:Capital Gains Tax Act, Companies Income Tax Act, Customs, Exercise Tarrif, etc (Consolation) Act, Federal Revenue Service Establishment Act e Personal Income Tax, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act, Corrupt Practices and other Related Offences Act, Public Procurement Act.
“In all 34 Sections of the various Acts are in the bill before us for consideration and possible amendments.”
He added, “We are to understand that our economy is facing serious challenges occasioned by many factors including crude oil theft, armed insurgency, and banditry as well as spiraling inflation rate that are being tackled by the government.
“The expectation is that at the possible passage of these amendments and its faithful implementation, our country can be propelled toward appreciable economic outlook.”
