CURRENT REPORT BLOG The 10th Senate is considering a significant reform in revenue collection by exploring the consolidation of this process into a single agency. This decision was announced at the end of a 3-day retreat organized by the National Institute for Legislative and Democratic Studies. The Senate’s goal is to address issues like duplication and corruption in revenue collection while making it easier for taxpayers to comply with tax regulations. They also stressed the importance of reviewing outdated tax policies and making the tax waiver process more transparent.
Additionally, the Senate recommended clear and transparent guidelines for revenue-generating institutions and suggested consolidating revenue collection into a single agency like the Federal Inland Revenue Service (FIRS) to simplify operations and promote tax law compliance. They also plan to collaborate with the Executive to integrate the President’s 8-point Agenda into the National Development Plan for more comprehensive implementation. This reform represents a holistic effort to improve fiscal and tax systems, benefitting both the government and taxpayers.
