Group Lauds FIRS Boss’ Crypto Tax Reforms, Says It’s A Game Changer 

A group, Nigeria Professionals in Diaspora,  has praised the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, for his innovative crypto tax reforms, describing them as a game changer for Nigeria’s economy.

In a statement by the group’s President, Dr. Obiora Okereke, and Home Secretary, Chief (Mrs) Busola Shonekan, it commended Adedeji’s efforts to modernize Nigeria’s tax system and effectively incorporate cryptocurrencies.

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

The group noted that the current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies. 

It applauded Adedeji’s plans to establish clear guidelines for digital assets, simplify tax reporting and leverage technology to ease compliance.

“Dr. Adedeji’s approach will boost confidence in the cryptocurrency market, protect consumers and attract international investment,” the statement added. “His commitment to modernizing Nigeria’s tax system is a game changer for the country’s economic growth.”

The group urged stakeholders to support 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 that “Dr Zacch Adedeji’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring with it 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 noted that as the digital economy evolves, keeping tax regulations up to date with technological advancements is important.