Emmanuel Ochayi
In a bid to bolster revenue for the government, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, emphasized the necessity for non-domestic companies involved in shipping crude oil from Nigeria to adhere to the country’s tax laws.
Addressing attendees during a workshop held in Lagos, Adedeji stated, “The compliance exercise on international shipping companies lifting crude oil from Nigeria is essential in broadening the tax net without imposing additional taxes.”
Join our WhatsApp ChannelHe reassured international companies of the agency’s intent, saying, “We aim to ensure compliance with existing tax laws, not disrupt operations.”
Adedeji highlighted the significance of adherence to Section 14 of the Companies Income Tax Act, making it mandatory for foreign shipping companies operating in Nigeria to file tax returns.
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He reminded attendees of his prior intervention that led to a six-month grace period for companies to regularize their tax returns, which is set to expire on December 31 this year.
“The goal is to increase Nigeria’s tax-to-GDP ratio without imposing additional taxes but by broadening the tax net,” Adedeji emphasized, expressing the importance of compliance for international shipping companies.
During the workshop, attended by various stakeholders including industry groups and government agencies, Adedeji assured transparency in resolving assessment notices served on any taxpayer. He also affirmed FIRS’s commitment to enforcing tax laws while upholding taxpayers’ rights.
The event witnessed participation from key players such as the International Association of Independent Tanker Owners (INTERTANKO), International Chamber of Shipping, and Independent Petroleum Producers Group, underscoring the significance of tax compliance within the oil and gas industry and maritime sector.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
