Service (FIRS) has announced that the entire tax system would be fully automated by October this year.
The implication of this is that the moment a transaction is concluded and money is transferred, it will be captured in the system.
Also, once an account is opened, it will alert the system and it will be appropriately taxed.
Acting Chairman of the Federal Inland Revenue Service (FIRS), Alhaji Kabir Mashi, disclosed this at the Public Presentation and Review of Nigeria Leadership Initiative (NLI) White Papers Volume 2, in Abuja on Friday.
Mashi, who spoke through the Co-ordinating Director for Modernisation, Mallam Abdullahi Attah, also revealed that by September, the oil and gas industry would be fully automated, adding that registration of all tax-paying adults has almost been concluded.
He, however, sought the support of the National Assembly to make it effective.
According to him, this is part of the reforms in the sector, which were initiated by the immediate past Chairman of the service, Mrs Ifueko Omoigui-Okaru, while observing that the new system would not be devoid of some initial challenges.
The Chairman, Senate Committee on Finance, Senator Ahmed Makarfi, condemned the withdrawal of the Petroleum Industry Bill (PIB), adding that what was returned was clearly different from what the legislators had spent time to debate.
“Nobody is denying the oil-producing communities their benefits. But what kind of benefits?” he asked.
The senator, however, said the Senate has covered some ground in the new bill and will soon pass it.
He warned that the reform process should not be abused and the implementers of the reform should do a thorough job.
The Chief Executive Officer of NLI, Mr Yinka Oyinlola, said Nigeria should refocus on other sources of income such as tax from oil resource because in another 10 years, about 10 to 15 African countries will begin to produce oil, which will lower the demand for Nigeria’s oil.
He explained that in about 2045, Nigeria’s population is projected to be over 400 million, adding that taxation will be the only alternative resource.
“The time to act is today because what we do today determines our preparation for the future,” he said.