The Federal Inland Revenue Service (FIRS) has issued a directive requiring all shipping companies operating within Nigeria’s territorial waters to settle any pending tax returns by December 31, 2023.
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This announcement was conveyed in a public statement released on Monday, August 21, and was signed by Muhammad Nami, the Executive Chairman of the FIRS.
This directive follows two previous statements issued by the FIRS in June and December of 2021. The previous directives outlined the tax basis for international shipping lines and urged them to fulfill their tax obligations within a three-month timeframe.
The FIRS emphasized that it will collaborate with relevant security agencies to prosecute any shipping company that fails to adhere to its directives. Non-compliance with the directive will result in legal actions being taken against such defaulting shipping companies.
It is evident that the FIRS’s latest action aims to enhance revenue generation for the country and ensure that all international shipping companies operating within Nigerian waters comply with tax regulations.
This directive is introduced as part of the Nigerian government’s broader efforts to enhance tax revenue generation and to crack down on companies that evade tax payments.
The FIRS consistently highlights the significance of complying with tax regulations, underlining its crucial role in national development and revenue generation.
The FIRS’s initiative is expected to enhance tax compliance among shipping companies operating within Nigeria’s territorial waters, ultimately boosting the nation’s revenue generation. Furthermore, this move sends a clear message to other companies to adhere to tax regulations to avoid legal repercussions.
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