The Federal Government says it plans to reclaim nearly N553 billion in unpaid taxes from multinational petroleum shipping businesses in Nigeria.
Mr Abdullahi Aliyu, Director of International Tax at the Federal Inland Revenue Service (FIRS), revealed this on Wednesday at the Nigerian Chamber of Shipping (NCS) virtual conference.
Recovering the cash accrued from 2010 to 2019 will, he claims, assist alleviate the country’s N11.3 trillion budget deficit in 2023.
He stated that the N553 billion in unremitted taxes is 5.03 percent of the total and would be an alternative to borrowing to address Nigeria’s economic challenges.
“It is the responsibility of global businesses to understand the local laws and taxation in the countries where they conduct business, and these specific laws have been in place in the country for decades.”
“Nigerian taxes favour non-residents over indigenous firms, creating an unfair business environment for local operators,” he stated.