Zacch Adedeji, the chairman of the Federal Inland Revenue Service (FIRS), hosted a delegation led by Bengt van Loosdrecht, ambassador of Netherlands to Nigeria, on Monday, for the opening ceremony of the renegotiation.

The event took place at the Revenue House in Abuja and marked the beginning of a new phase in Nigeria’s international tax relations.

The renegotiation agreement follows President Bola Tinubu’s of the Tax Reform Bills into law on June 26.

Adedeji described the visit as timely, considering recent changes in both domestic and global tax systems.

“Recent developments in the domestic and global tax landscape have made the review of the existing agreement unavoidable. Particularly the tax reforms being carried out by our government, global measures against Base Erosion and Profit Shifting (BEPS), and other evolving international tax standards will render extant agreement out-of-date,” Adedeji said.

“This renegotiation meets with the policy objectives of the ongoing fiscal and tax reforms initiated by the administration of President Bola Ahmed Tinubu. We are committed to broadening the domestic tax base, strengthening tax administration, and ensuring that our tax system supports inclusive economic growth.”

In his remark, Loosdrecht thanked the federal government for the warm welcome and emphasised the spirit of cooperation guiding the talks.

“The fact that we meet here today is an indication of the goodwill and the good faith in which we want to meet with each other,” the ambassador said.

“I can assure you that my colleagues from the Netherlands will act in good faith. That is always an important basis for good negotiations.

“Ultimately, a treaty is about finding common ground and building upon that common ground”

Loosdrecht said he is confident they will have a fruitful week doing the renegotiations, owing to the competence and professionalism of both teams.