Actualisations: Blockchain Technology Utilisation And Nigerian Tax Optimisation

Introduction

The Federal Government (FG) in a bid to transform the country's revenue uptake has instituted various tax reforms including the amendment of some extant tax laws through the Finance Act (FA), 2020. It has signalled its commitment to henceforth try to make Nigeria's tax laws keep pace with business by the recent introduction of the Finance Bill, 2021 which promises more amendments. The Federal Inland Revenue Service (FIRS) N8.5 trillion revenue target in 2020¹ is likely to be missed; as at October 2020, they had only collected N4.17 trillion.² Even without the current Covid-19 pandemic and the resultant disruption in economic activities, it was doubtful that the revenue projection would have been achieved. Historic data from the FIRS bears this out: