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The Federal Inland Revenue Service (FIRS), has issued a deadline to all shipping companies operating within Nigeria’s territorial waters to settle any outstanding tax returns.
The deadline which is set to end on December 31st, 2023, was revealed in a statement on Monday and signed by Muhammad Nami, the Executive Chairman, Federal Inland Revenue Service (FIRS). The order came after two previous statements issued by the FIRS in June and December 2021
The two earlier directives outlined the basis of taxation for international shipping lines and urged them to sort out their tax responsibilities within three months.
FIRS stated that if any shipping companies fail to comply with the deadline, the agency will work with relevant security agencies to prosecute defaulters
Analysts said the latest move by the FIRS was aimed at improving revenue generation for the country by ensuring that all international shipping companies operating within Nigerian waters comply with tax regulations.
The directive comes amidst efforts by the Nigerian government to improve its tax revenue generation, as well as clamp down on companies who evade tax payments.
Analysts said the move by FIRS was expected to improve tax compliance among shipping companies operating in Nigeria’s territorial waters, thus increasing the country’s revenue generation.
Analysts also said the deadline sent a message to other companies to comply with tax regulations or face legal consequences.
