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Tuesday, April 23, 2024

FIRS vows against additional taxes amid economic strain

Federal Inland Revenue Chairman Assures No Tax Hike, Focuses on Growth Strategies

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Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has reiterated the agency’s steadfast commitment to refrain from introducing additional taxes in Nigeria. His statement comes amidst economic challenges and concerns over fiscal policies impacting businesses across the country.

Speaking during a visit by Guinness Nigeria Plc’s Chief Executive Officer, Adebayo Alli, to the Revenue House in Abuja on Wednesday, Adedeji emphasized FIRS’s dedication to President Bola Tinubu’s directive for a streamlined tax regime. He affirmed that the agency is focused on expanding the tax base and enhancing revenue collection without burdening taxpayers with additional levies.

Adedeji outlined FIRS’s strategic initiatives aimed at improving tax administration and fostering economic growth. He highlighted the agency’s efforts to categorize taxpayers based on turnover, ensuring a tailored approach to tax assessment and collection.

Moreover, Adedeji lauded President Tinubu’s consumer credit scheme, designed to bolster purchasing power and stimulate economic activity. He underscored the importance of such initiatives in supporting businesses like Guinness Nigeria Plc amid challenging market conditions.

In response, Guinness Nigeria’s CEO reiterated the company’s commitment to operating in Nigeria despite prevailing macroeconomic challenges. He emphasized Guinness’s resilience and continued investment in the country’s economy.

The visit comes against the backdrop of Guinness Nigeria’s financial report for 2023, revealing a N5.23 billion loss attributed to foreign exchange expenses. Despite these setbacks, both FIRS and Guinness Nigeria remain optimistic about the country’s economic prospects and reaffirm their commitment to driving growth and sustainability.

The assurance from FIRS offers a glimmer of hope to businesses grappling with economic uncertainties, signaling a collaborative effort between the government and private sector to navigate challenges and spur recovery.

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