FIRS: Foreign Shipping Firms Must Reconcile Their Books By Dec 31



Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), has asked foreign shipping companies lifting crude oil from Nigeria to adhere to the country’s tax laws.

Adedeji spoke on Monday at a workshop on taxation of non-resident shipping companies in Lagos, according to a statement by Dare Adekanmbi, his special adviser on media.

The tax agency organised the workshop in conjunction with the Oil Producers Trade Section (OPTS) — a group within the Lagos Chamber of Commerce and Industry (LCCI).

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On October 23, FIRS embarked on a nationwide value-added tax (VAT) and withholding tax (WHT) compliance monitoring exercise for all taxable persons in the country.

Adedeji, in the statement on Monday, said the tax compliance exercise is part of a broader strategy to widen the tax net and boost government revenue.

The FIRS chairman also said the international shipping companies have up to December 31, 2023, to reconcile their books with the agency.

He said FIRS is only interested in ensuring compliance with extant tax laws and not out to disrupt their operations.

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