The executive chairman of the Federal Inland Revenue Services (FIRS), Muhammad Nami has stated that the agency is not empowered to grant tax waivers to both local and foreign investors in the country.
This was disclosed on Friday by the FIRS chairman, Nami during his appearance before the house of representatives committee on public accounts.
The committee is 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 three firms under consideration have been variously granted pioneer status between December 15, 1997 to 2016 for the Indorama Petrochemical Ltd and between 2017–2020 for the Indorama Fertilizer and Chemicals Ltd respectively.
“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,” he said.
‘The FIRS does not have the power or responsibility of facilitating or implementing incentives to local investors or investors coming through the Foreign Direct Investment platform, which is the sole prerogative of the Nigerian Investment Promotion Commission (NIPC).
‘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.”
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