The new tax reform bills under consideration at the National Assembly propose to halt revenue collection by federal agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS).
This was confirmed by the chairman of the Presidential Tax Committee, Taiwo Oyedele, during an interview with Channels TV on Friday.
Oyedele explained that the tax reform bills aim to stop approximately 60 federal agencies from collecting taxes, allowing them to focus on their primary mandates.
He emphasized that the new measures will simplify tax collection across the country and enhance the operational capacity of these agencies.
What he said
Under the proposed bill, all federal taxes would be paid to the Federal Inland Revenue Service (FIRS), which would also undergo a name change.
“If you think about the Nigeria Upstream Regulatory Commission, for instance, they collect royalties from the oil companies. Royalty is a tax. So what they should do is…