- Friday, May 3, 2024
- Contact
International shipping companies
operating in Nigeria have been given until December 31 this year to align their
financial records with the Federal Inland Revenue Service (FIRS).
The chairman of FIRS, Zacch
Adedeji, who gave the order said it has become necessary for non-domestic
companies involved in transporting Nigerian crude oil to adhere strictly to the
country's tax regulations during a workshop jointly organized by FIRS and the
Oil Producers Trade Section (OPTS) in Lagos.
This move is part of FIRS'
ongoing efforts to broaden the tax base and boost government revenue, with a
specific focus on examining the activities of foreign shipping companies
engaged in lifting hydrocarbons from Nigeria.
Adedeji, as stated by Dare
Adekanmbi, his Special Adviser on Media, clarified that FIRS aims solely to
ensure compliance with existing tax laws, assuring the international companies
that the agency does not seek to disrupt their operations.
"The Federal Government aims
to elevate Nigeria’s tax to GDP ratio to 18% in the coming three years without
imposing additional taxes but by expanding the tax base," Adedeji said.
He urged non-compliant
international shipping companies to promptly adhere to Nigerian tax laws,
highlighting the government's awareness of stakeholders' concerns in the oil,
gas, and maritime sectors regarding the tax compliance exercise.
Adedeji also recalled his prior
intervention, which led to a six-month grace period granted to non-resident
shipping companies to regularize their tax status. This grace period concludes
by the end of this year.
Underlining the importance of
collaboration, Adedeji emphasized FIRS' commitment to transparently resolving
assessment notices served on any taxpayer, affirming the agency's preparedness
to enforce Nigerian tax laws while safeguarding taxpayer rights.
The workshop organized with
stakeholders from the oil, gas, and maritime sectors signals FIRS' dedication
to addressing compliance challenges collaboratively.
Leave Comments