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TAX MATTERS

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami says , the mandate of the Service is to collect taxes that are due to the federation and the Federal Government not to grant tax waivers to any taxpayer in the country.

Nami stated this in a swift reaction to the news making the rounds that some companies among them Dangote Sinotruck Limited, Lafarge, Honeywell, etc had been granted tax waiver on pioneer status between 2019 and 2021 in the sum of N16 trillion by the FIRS and the other Federal Government agencies.
Which Nami says it’s not within his power to grant such, as there are relevant agencies of government that are charged with such responsibility.

He, however, noted that the Service is not unmindful of the objectives of granting tax waivers to investors, which he said include “helping to grow local companies, stimulate economic growth, and earn investors’ confidence”. He also stated that he is “confident that the companies which are now enjoying tax breaks will eventually exit shortly and begin to pay taxes to the Federal Government as is currently being done by the companies that have equally enjoyed such tax breaks in the past and are now paying taxes in hundreds of billions of naira. Such companies will continue to pay taxes to the government so long as they remain in business.

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