Tag: Tax Waiver

Relief for taxpayers, as FIRS approves full conditional waiver on outstanding liabilities

Aminu Imam

The Federal Inland Revenue Service, (FIRS), has approved a full waiver of penalties and interests on all outstanding tax liabilities, subject to the payment of the full principal before December 31, 2023. The waiver was disclosed in a recent public notice signed by the FIRS Executive Chairman, Zack Adedeji. The agency said the concessions, which align with Section 32 of the Federal Inland Service (Establishment) Act, LFN 2004 (as amended), were considered in recognition of the challenges faced by many taxpayers in settling their outstanding tax obligations and in line…

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‘Nigeria loses N6tr annually to tax waivers’ – Presidential Tax C’ttee

Aminu Imam

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says it’s worrying that the country incurs losses of up to N6 trillion in tax waivers annually, adding that it generates a similar amount of revenue annually. Oyedele stated that the levels of government have failed to measure the impact of tax waivers on the economy of the country. The chairman, who made this known while appearing on a television programme yesterday, said: “Yes; as a matter of fact, we are giving away about N6 trillion annually,” the…

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FG grants N16 trillion waiver to Dangote, Honeywell, others

Aminu Imam

The Federal Government has foregone N16.76 trillion in revenue to tax reliefs and concessions given to large companies between 2019 and 2021. These were contained in the tax expenditure statement (TES) reports in the Medium-Term Expenditure and Fiscal (MTEF) strategy documents posted on the website of the Budget Office of the Federation. As of the end of 2021, 46 companies had benefitted from various tax incentives and duty waiver schemes while the requests of 186 companies were still pending. The TES deals with revenue forgone on Company Income Tax (CIT),…

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