Economic Zones: NEPZA, FIRS Sign New Tax Pact
Adebayo, Trade and Commerce Minister
A new tax pact on the free trade zones has been signed between the Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS).
The agreement is designed to achieve a better understanding of the Free Trade Zones Scheme’s tax-exempt index and end suspicion of its implementation.
During the signing of the Memorandum of Understanding (MoU), the Managing Director of NEPZA, Prof. Adesoji Adesugba, explained that the agreement will bring to an end the issue of arbitrary freezing of bank accounts of any company operating in the free zones.
He also said this would end harassment of the companies operating in the free trade zones without permission of NEPZA.
He said whatever action against such companies would be in collaborative understanding between NEPZA and FIRS.
The NEPZA MD further said that stakeholders need to have deeper understanding of the importance of the Special Economic Zones scheme and the incentives being offered.
He said this would go a long way in stimulating necessary competition and development.
The Executive Chairman, FIRS, Mr. Muhammad Nami said the public needs to understand the mandate of the FIRS in revenue collection for the government, adding that this was for the good of the citizens.
He also added that the mandate of NEPZA of attracting Foreign Direct Investment (FDI) and Local Direct Investment places the organization on the path of driving Nigeria’s industrialization.
The agreement is designed to achieve a better understanding of the Free Trade Zones Scheme’s tax-exempt index and end suspicion of its implementation.
During the signing of the Memorandum of Understanding (MoU), the Managing Director of NEPZA, Prof. Adesoji Adesugba, explained that the agreement will bring to an end the issue of arbitrary freezing of bank accounts of any company operating in the free zones.
He also said this would end harassment of the companies operating in the free trade zones without permission of NEPZA.
He said whatever action against such companies would be in collaborative understanding between NEPZA and FIRS.
The NEPZA MD further said that stakeholders need to have deeper understanding of the importance of the Special Economic Zones scheme and the incentives being offered.
He said this would go a long way in stimulating necessary competition and development.
The Executive Chairman, FIRS, Mr. Muhammad Nami said the public needs to understand the mandate of the FIRS in revenue collection for the government, adding that this was for the good of the citizens.
He also added that the mandate of NEPZA of attracting Foreign Direct Investment (FDI) and Local Direct Investment places the organization on the path of driving Nigeria’s industrialization.
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