Highlight

Loss of N17trn to tax waivers: Senate orders FIRS to apply the brakes forthwith

Sen. Sani Musa, Chairman of the Committee from APC Niger East, suggested on Monday, during the 2024 budget presentation of the FIRS to its committee on finance, a temporary suspension of waivers for a rebating system instead.

466

The Senate Committee on Finance has asked the Federal Inland Revenue Service (FIRS) to discontinue tax waivers, which have resulted in a loss of approximately N17 trillion for the country over the past five years.

Sen. Sani Musa, Chairman of the Committee from APC Niger East, suggested on Monday, during the 2024 budget presentation of the FIRS to its committee on finance, a temporary suspension of waivers for a rebating system instead.

Responding to the concerns of the committee, the Chairman of FIRS, Mr. Zacch Adedeji, said high-powered consultations are ongoing to streamline the current 62 taxes down to just 8.

He also projected that the service is targeting N19 trillion in total tax collection in 2024.

Adedeji said: “President Bola Tinubu has seen the issue of multiple taxation as a pool of problems; that is why he set up the presidential committee on tax reforms and fiscal policy. As of today, in Nigeria, we have 62 types of taxes being collected.

“The sad news about that is that less than eight out of the entire 62 accounted for 97 percent of the collection.

“We are already consulting and engaging the state government on it.

“At the end of the day, we won’t have more than eight or nine taxes that the state and federal government would be collecting.”

Reacting to Adedeji’s projection of N19 trillion, Musa said: “The Senate believes that you can do more, even to the tune of N30 trillion, if required measures are put in place.

“Available records show that within the last five years, about N17 trillion has been lost by the country to tax waivers.

“It should be suspended and possibly substituted with a rebating system.”

Leave a comment

Related Articles

Extend AKK gas pipeline project to other northern states, ACF urges Pres. Tinubu

The Arewa Consultative Forum has called on President Bola Tinubu to extend...

NAF air strikes destroy 13 illegal refining sites in Imo, Rivers, and Bayelsa states

The Nigerian Air Force (NAF) operation “Delta Safe” has destroyed at least...

Again, Dangote Refinery accuses IOCs of manipulating oil prices to sabotage Nigerian refinery

Mr. Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries...

Tarry on purchase of presidential jets for now, TCM urges FG

Comrade Frank Pius Onyeka, the National Coordinator of the Collective Movement (TCM),...

The president and founder of LoveWorld Incorporated (Christ Embassy), Pastor Chris Oyakhilome,...

Alake presents symbolic gold bars to Pres. Tinubu

The Minister of Solid Minerals Development, Dr. Dele Alake, has presented gold...

Emirship crisis: Kano govt. allocates N99.9m for Nassarawa mini-palace renovation

In response to the court’s order reinstating him, the Kano State Government...

Christ Embassy fire now under control, says Lagos Fire Service

The Director of Lagos State Fire and Rescue Service, Mrs. Margaret Adeseye,...

Gunmen kidnap police orderly, driver of prominent Rivers monarch

Unknown gunmen have kidnapped a police officer and the driver of a...

Tragedy as robbers invade Abuja estate, kill retired Brigadier General

A deadly robbery attack occurred at the Sunshine Homes estate in Abuja’s...

FG to relocate 29 correctional centres in Lagos, Enugu, Oyo, others- Interior Minister

The Minister of Interior, Olubunmi Tunji-Ojo, has announced that the Federal Government...

SanDisk Ultra Dual Drive Luxe USB Type-C delivers seamless data storage, transfers solutions for users on the go

In today’s digital age, where capturing and sharing high-definition (HD) and ultra-high-definition...

Ex-Vice President Atiku visits Buhari, Emirs of Daura, Kastina

Atiku Abubakar, former Vice President and presidential candidate of the People’s Democratic...

FAAN launches joint task force to combat touting, enhance airports’ security

The Federal Airports Authority of Nigeria (FAAN) has set up a special...

Lagos Police Command detains two officers for unauthorized operation resulting in civilian’s death

The Lagos State Police Command has taken two police officers into custody...

Unregistered locally brewed tiger nuts drink linked to cholera outbreak in Lagos – LASG

Dr. Kemi Ogunyemi, the Special Adviser on Health to the Lagos State...

Binance Executive Gambaryan has access to quality medical care, Nigerian Govt. tells US Congressmen

The Nigerian Government has refuted allegations that Binance Executive Tigran Gambaryan is...

Gov. Abiodun issues three executive orders, establishes two new agencies, restrains monarchs on land, mining

Ogun Gov. Dapo Abiodun has issued three executive orders to pave the...

CLO, 40 CSOs to IGP: Withdraw policemen from Rivers 23 councils’ secretariats or face mass protests

The Civil Liberties Organization (CLO) and more than 40 allied groups said...

CAF announces new date for 2025 AFCON in Morocco

The Confederation of African Football (CAF) President Patrice Motsepe said on Friday...