Nigeria Prepares New Bill To Set Crypto And Modernize Tax Systems

Nigeria has prepared a new bill to regulate crypto and modernize the tax system (Photo; Doc. Withinigeria)

JAKARTA - Nigeria is preparing to introduce a new draft law (RUU) aimed at regulating crypto transactions and updating its taxation system in the country. The move is expected to increase tax collection efficiency and provide a legal framework more relevant to current technological developments.

Dalam pertemuan dengan Komite Keuangan Gabungan Majelis Nasional di Lagos, Ketua Federal Inland Revenue Service (FIRS), Dr. Zacchi Adedeji, menekankan pentingnya regulasi yang mengatur transaksi kripto. Meskipun kita tidak bisa menghindari kripto karena saat ini tidak ada undang-undang di Nigeria yang mengaturnya, perlu ada hukum yang mengatur transaksi ini, ujar Dr. Adedeji.

If approved and promulgated, the bill will take effect as soon as September. Dr. Adedeji added that in the introduction of the new system, regulatory planning is becoming very important to prevent a negative impact on economic development. He also stressed that this approach has been implemented in various other countries in the world.

Reporting from Crypto Politan, Dr. Adedeji explained that this bill will simplify tax laws, enabling more integrated and efficient tax collection. The bill will also remove old laws deemed irrelevant, such as the Stamp Duty Act, which has long been criticized for imposing severe sanctions on several expensive offenses and transactions.

Senator Sani Musa, Chair of the Senate Financial Committee, fully supports the FIRE's move. He highlighted the importance of having an efficient revenue collection agency and expressed his readiness to support FIS in achieving their tax collection targets. He also acknowledged that crypto industry regulations will be an important component in increasing state revenue as a whole.

Similar support also came from the DPR's Financial Committee represented by Hon. Kalejaiye Paul. He praised the FIS leadership and their commitment to encouraging national development through efforts to modernize the tax system.

On the other hand, the modernization of tax systems is also a very important part. Modernization of tax systems in Nigeria also includes the use of the latest information technology. This step is expected to improve service quality and the effectiveness of supervision of taxpayer compliance. The information technology applied will include a more sophisticated electronic tax administration system, such as e-Registration, e-Filing, e-SPT, and e-Billing.

With the introduction of this bill, Nigeria seeks to strengthen a legal framework more relevant to the current needs of the digital economy, as well as maximize the country's potential income from the growing crypto industry.