The Federal Government (FG) is set to reorganize and rename the Federal Inland Revenue Service (FIRS) according to the proposed amendments of the Finance Bill 2022 which was sent to the National Assembly by President Muhammadu Buhari. The Minister of Finance, Budget and Economic Planning, Zainab Ahmed disclosed this on Thursday to the Senate Committee on Finance stating that the amendments would change the FIRS to the Nigerian Revenue Service (NRS).
She also stated that the Chief Executive Officer would no longer be referred to as the ‘Chairman’ but instead be known as ‘Commissioner General’, adding that the FIRS Board will be reorganized to separate the Board of Directors from the Executive Management.
It also proposes a tax increase from 30 percent to 50 percent for companies involved in gas flaring, amongst other amendments.
In his remarks, the Chairman of the Committee, Senator Solomon Adeola 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”.
The proposed amendments of the Finance Bill 2022 are expected to be passed along with the 2023 Appropriation Bill which is scheduled to be put forward for consideration and passage next week.
