Tax Waiver: FIRS Says Nigeria Lost N1.3trn In 5 Years - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
February 14, 2020
TheFederal Inland Revenue Services, FIRS says Nigeria lost about 1.3 trillionnaira to granting of tax waivers to companies operating in three sectors of theeconomy in the last five years.
FIRS’Chairman, Muhammad Nami made this known at an investigative hearing organisedfor revenue generating agencies in the country hearing organised by the SenateCommittee on Finance.
TheRevenue Boss, while making his remark, said when resumed office, he realisedthat from the waivers alone, the service reviewed just three sectors, a totalsum of 1.3 trillion naira was lost as tax revenue in five years. He also notedthat service issues with funding of its operations, given the huge personnelcost of the organisation.
TheGroup Managing Director, Nigerian National Petroleum Corporation, Mele Kyari,while making a remark, said there was the need to energise the petroleum sectorto generate more fund for the country.
Earlier,President of the Senate, Ahmad Lawan in his remark, said the senate would beengaging the revenue generating agencies in the country quarterly on theirrevenue generating activities into the federation account.