During an interactive session with the Senate Committee on Finance, Dr. Adedeji clarified misconceptions surrounding the proposed tax reforms. He assured that the reforms aim to simplify tax administration and enhance efficiency without introducing new taxes or increasing existing rates. "The tax reform will not add any new tax or increase the rates of current ones; instead, it aims to reduce the overall number of taxes Nigerians pay," he stated.
Highlighting the importance of youth engagement, Dr. Adedeji noted that the reforms are designed with the future in mind, aiming to create a more transparent and equitable tax system. By involving young Nigerians in the discourse, the FIRS seeks to cultivate a generation that is informed about fiscal responsibilities and the benefits of a robust tax system.
One of the significant aspects of the reform is the incorporation of digital assets into the tax framework. Recognizing the growing interest of Nigerian youths in cryptocurrencies, Dr. Adedeji has introduced policies to regulate and tax digital currencies effectively. These measures aim to align Nigeria's tax policies with global standards, ensuring that the digital economy contributes fairly to national revenue.
Furthermore, the FIRS has set an ambitious target to increase Nigeria's tax-to-GDP ratio to 18% within the next three years, surpassing Africa's average of 16.5%. Achieving this goal requires broadening the tax base, which includes educating and integrating more citizens, especially the youth, into the tax system.
Dr. Adedeji's approach underscores the belief that a well-informed and engaged youth population is vital for the success of Nigeria's economic reforms. By simplifying tax processes and leveraging technology, the FIRS aims to make tax compliance more accessible, thereby fostering a culture of transparency and accountability.
As Nigeria navigates these reforms, the active participation of its youth will be instrumental in shaping a sustainable and prosperous economic future.
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