Why The Federal Inland Revenue Service Should Be Rebranded, According To Presidential Committee

Why The Federal Inland Revenue Service Should Be Rebranded, According To Presidential Committee

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has explained the reasoning behind renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).…READ MORE…

The proposed name change is part of the Nigeria Revenue Service Establishment Bill currently before the National Assembly. The bill seeks to replace the FIRS Establishment Act with new legislation that would establish the NRS.

Addressing stakeholders, including tax experts and Chief Financial Officers (CFOs), Oyedele emphasized that the FIRS is a revenue agency for the entire federation, not just the federal government. He pointed out that the taxes collected by the agency are deposited into the Federation Account, highlighting its national mandate.

Oyedele also stressed the need to separate regulatory functions from tax collection, a key aspect of the proposed reforms.

“The Nigeria Revenue Service Establishment Bill seeks to repeal the FIRS Establishment Act and create the Nigeria Revenue Service (NRS),” Oyedele explained. “FIRS is not solely a federal agency; its collections serve the entire Federation. The name FIRS does not reflect its true role. Changing it to NRS aligns with its function of managing taxes, levies, and revenues for the government. We also aim to ensure that regulators are not directly involved in tax collection.”

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