ADEDEJI CONFIRMS: FIRS WILL NOT IMPOSE EXTRA TAXES

Zacch Adedeji, the chairman of the Federal Inland Revenue (FIRS), reiterated the agency’s commitment to refrain from introducing additional taxes in the nation.

Adedeji made this declaration during a meeting on Wednesday with Adebayo Alli, the CEO of Guinness Nigeria Plc, and the company’s management team at the Revenue House in Abuja.

In a statement released by Dare Adekanmbi, the special adviser on Media to the FIRS chairman, Adedeji stated, “The President has directed that he desires a single-digit tax in the country, indicating that the maximum number of taxes post the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.

“At FIRS, we have heeded that directive. Our aim is to expand the revenue base such that even if we maintain the same percentage of the larger revenue, the outcome will be substantial.

“By divine grace, we will not introduce new taxes or raise any existing taxes. Our focus is solely on expanding the revenue base. We have revamped our operations at FIRS to efficiently carry out our mandate of assessing, collecting, and accounting for taxes. We used to operate based on tax types, but we have realized that our only clients are the taxpayers.”

Adedeji emphasized that FIRS has enhanced its customer relations by organizing “our operations around our customers, categorizing them into large, medium, and small based on their turnover.”

He also mentioned President Bola Tinubu’s initiative, the consumer credit scheme, aimed at bolstering Nigerians’ purchasing power to enhance companies’ productivity and stimulate economic growth.

“In a few days, the consumer credit scheme will be launched. This will establish the right fundamentals, particularly for the products you sell.

“In an economy of our scale, having a consumer credit scheme is essential. People need to fulfill their basic needs before indulging in other activities. However, with credit to purchase items, they will have more disposable income, which they can spend on leisure activities after work.

“Furthermore, the President has directed the implementation of a single-window platform for your logistics at the ports. Rather than making payments at multiple points, you can now do so through the platform, especially beneficial for companies like yours. You are aware of your products before their arrival in the country, so you can make payments in advance, addressing port congestion issues that previously delayed your receipt of raw materials,” stated the FIRS chairman.

Alli, the CEO of Guinness, affirmed the company’s commitment to operating in the country despite facing macroeconomic challenges.

“We are here to familiarize FIRS with our operations and to shed light on our status as a major taxpayer, showcasing our contributions to Nigeria, despite the prevailing macroeconomic challenges,” he expressed.

Alli assured the FIRS chairman of Guinness’s continued investment in the country and sought assurances from the tax authority regarding its role in “steering the economy towards recovery.”

Guinness Nigeria incurred a loss of N5.23bn in 2023 due to foreign exchange expenses, which impacted its operating profit.

Source: Techeconomy