FIRS chief, Adedeji, hailed for crypto tax reforms

The Nigeria Professionals in Diaspora organisation has commended the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, for introducing groundbreaking cryptocurrency tax reforms, hailing them as a transformative move that will significantly boost Nigeria’s economic growth.

In a statement on Monday in Abuja, jointly signed by the group’s President, Dr. Obiora Okereke, and Home Secretary, Mrs. Bukola Shonekan, they applauded Dr. Adedeji’s efforts to modernise Nigeria’s tax system and effectively incorporate cryptocurrencies.

“Dr. Adedeji’s crypto tax reforms are a bold step towards embracing the digital economy. His leadership ensures Nigeria’s tax policies adapt to the evolving financial landscape, aligning with global standards,” the statement read.

The group noted that current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies. They applauded the Chairman’s plans to establish clear guidelines for digital assets, simplify tax reporting, and leverage technology to ease compliance.

According to them, this approach will boost confidence in the cryptocurrency market, protect consumers, and attract international investment. They noted that his commitment to modernising Nigeria’s tax system is a game changer for the country’s economic growth.

They urged stakeholders to support Dr. Adedeji’s initiatives, saying, “This move will create a more transparent, secure, and thriving financial system for Nigeria.”

With Nigeria’s growing engagement in digital currency trading, the group recognized the need for a regulatory framework that effectively manages the evolving financial world.

“Dr. Adedeji’s crypto tax reforms are a step in the right direction,” the statement concluded. “We commend his vision and leadership in positioning Nigeria for economic success in the digital age.”

The statement added, “Dr. Zacch Adedeji’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring benefits for Nigerians. By setting clear rules for digital assets, these reforms make it easier for people and businesses to understand and meet their tax responsibilities. This clarity helps boost confidence in the cryptocurrency market and encourages more people to get involved.”

It also noted that as the digital economy evolves, keeping tax regulations up to date with technological advancements is crucial.