The Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, has disclosed that the Service did not grant any tax waivers to any local or foreign investors in the country as the FIRS Act did not empower it to grant such tax breaks.
Mr Nami disclosed recently in Abuja during his appearance before the House of Representatives’ Public Accounts Committee 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 FIRS does not have the power or responsibility of facilitating or implementing incentives for local investors or investors coming through the Foreign Direct Investment platform, which is the sole prerogative of the Nigerian Investment Promotion Commission (NIPC)”.
Nami pointed out that “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”. He further stated that the companies under consideration “have been variously granted pioneer status between December 15th, 1997 to 2016 for the Indorama Petrochemical Ltd and between 2017 – 2020 for the Indorama Fertilizer and Chemicals Ltd respectively”. According to him “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”.
Appearing in person on the rescheduled date, Nami noted with satisfaction the cordial relationship between the FIRS and the legislators since he assumed office in December 2019.
He seized the opportunity to reiterate that “the mandate of the FIRS is to assess, collect and account for tax revenue.” This mandate, he stressed, “is clear and unambiguous.”
In another development, as part of measures to check the activities of fraudsters who specialise in producing and selling fake Tax Clearance Certificates (TCC), the Federal Inland Revenue Service (FIRS) has unveiled a state-of-the-art, user-friendly online portal that detects any TCC not duly issued by the FIRS.
Executive Chairman, FIRS, Muhammad Nami, disclosed this at the Revenue House headquarters of the Service in Abuja while receiving the management of the Federal Capital Territory (FCTA) Land Administration.
Director of FCTA Land Administration, Adamu Jibrin Hussaini, who led the delegation of the organisation said they were willing to collaborate with the FIRS in areas of their jurisdiction such as a collection of Capital Gains Tax (CGT) and Stamp Duties for properties in the FCT.
