International shipping companies operating in Nigeria will align their financial records with the Federal Internal Revenue Service (FIRS) between now and December 31.
This warning was announced by the chairman of FIRS, Zacch Adedej, in a joint workshop in Lagos organized by FIRS and the Oil Producers Trade Section (OPTS). In the meeting, the service head said that non-domesticated companies transporting Nigerian crude oil must adhere strictly to the country's tax regulations.
The move to set records for international operators carrying out their business in Nigeria is due to the government's plans to expand its tax base and boost government revenue to examine the activities of foreign shipping companies engaged in lifting hydrocarbons from Nigeria.
The Special Adviser on Media, Dare Adekanmbi, clarified that the FIRS aims at ensuring compliance with existing tax laws and also boost international companies' interest as he stated categorically that the federal government does not plan on disrupting their operations.
He said,
- The Federal Government aims to elevate Nigeria’s tax to GDP ratio to 18% in the coming three years without imposing additional taxes but by expanding the tax base.
Read more: https://www.investingport.com/firs-...eadline-for-shipping-firms-on-tax-compliance/