Categories: Business

FIRS has no power to grant tax waivers – Nami

Chairman of the Federal Inland Services, Muhammad Nami, has said the agency has no power to grant tax waivers to both local and foreign investors.

He stated this on Friday in Abuja during his appearance before the House of Representatives Committee on Public Accounts.

The committee is investigating alleged tax waivers granted to three foreign firms operating in the country.

The firms are Indorama Petrochemical, Indorama Fertilizer and Petrochemical Ltd and OIS Indorama Eleme Port Harcourt.

Nami said the three firms under consideration have been variously granted pioneer status between December 15, 1997 to 2016 for the Indorama Petrochemical Ltd and between 2017–2020 for the Indorama Fertilizer and Chemicals Ltd respectively.

“Upon expiration of the pioneer period and conclusion of post pioneer Audit, the Indorama Petrochemical Ltd company’s tax file was returned to the Large Tax Office (LTO) Port Harcourt. Thus far, the company has filed its annual returns up to 31st December 2019 with relevant Self-Assessment and paid its attendant liabilities,” he said.

‘The FIRS does not have the power or responsibility of facilitating or implementing incentives to local investors or investors coming through the Foreign Direct Investment platform, which is the sole prerogative of the Nigerian Investment Promotion Commission (NIPC).

‘The investigation of the three foreign firms, Indorama Petrochemical, Indorama Fertilizer and Petrochemical Ltd and OIS Indorama Eleme Port-Harcourt, started way back in 2015. The committee in charge of the investigation has consistently been furnished with all required documents by the FIRS.”

Nami was invited on May 27, 2021, to appear before the house on June 9, 2021, to explain the circumstances surrounding the non-payment of taxes by some companies operating in the country.

Trends Admin

Recent Posts

Osun man on death row for fowl theft shares how police subjected 17-year-old self to torture

Osun man on death row for fowl theft shares how police subjected 17-year-old self to…

7 hours ago

Oil cabal sponsoring blackmails against Tompolo, Otuaro, Kyari, say Ijaw youths

Oil cabal sponsoring blackmails against Tompolo, Otuaro, Kyari, say Ijaw youths Stakeholders under the Ijaw…

7 hours ago

NURTW scribe felicitates Nigerians on Xmas, urges caution

NURTW scribe felicitates Nigerians on Xmas, urges caution    The General Secretary of the National…

13 hours ago

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

  Why we displayed 'Jesus Christ is not God' banner at Lekki mosque -Imam  …

13 hours ago

CBN fines bank found hoarding cash N150m

CBN fines bank found hoarding cash N150m The Central Bank of Nigeria (CBN) has imposed…

16 hours ago

Lagos-Calabar coastal road: Train track work begins 2025, says minister

Lagos-Calabar coastal road: Train track work begins 2025, says minister The Federal Government plans to…

16 hours ago