In a recent press conference held in Abuja, about 1000 Coalition of Civil Society Organisations (CSOs) lauded Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), for his groundbreaking efforts in modernizing Nigeria’s tax system to incorporate cryptocurrencies.
The statement, issued by Mallam Yakubu Mohammed, National Coordinator, and Barr. Godspower Ebi, National Secretary, praised Dr. Adedeji’s leadership in tackling the challenges posed by digital currencies. It highlighted that his initiative represents a significant step towards integrating the digital economy into Nigeria’s tax framework.
“Dr. Adedeji’s commitment to modernizing Nigeria’s tax system marks a bold move toward embracing the digital economy,” the statement read. “His efforts are set to enhance confidence in the cryptocurrency market, safeguard consumers, minimize tax evasion, and attract international investment.”
The CSOs emphasized that existing regulations, such as the Stamp Duty Act of 1939, are outdated and insufficient for addressing the complexities of digital currencies. They commended Dr. Adedeji’s plans to establish clear guidelines for digital assets, simplify tax reporting, and utilize technology to facilitate compliance.
“Dr. Adedeji’s approach aligns with global best practices, ensuring that Nigeria’s tax policies evolve with the digital financial economy,” the statement added.
The CSOs encouraged stakeholders to support Dr. Adedeji’s initiatives, stressing that these measures will lead to a more transparent, secure, and prosperous financial system for Nigeria.
As Nigeria increasingly engages in digital currency trading, the CSOs recognized the necessity of a robust regulatory framework to manage this evolving financial landscape.
“Dr. Adedeji’s crypto tax revolution is a transformative development for Nigeria. We commend his dedication to adapting Nigeria’s tax system to the digital age.”