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International shipping companies operating in Nigeria have been directed by the Federal Inland Revenue Service (FIRS) to align their financial records with Nigerian tax regulations by December 31, this year. FIRS Chairman, Zacch Adedeji, emphasized the importance of adherence to the country’s tax laws during a workshop jointly organized with the Oil Producers Trade Section (OPTS) in Lagos.
This initiative is part of FIRS’ ongoing efforts to expand the tax base and enhance government revenue, focusing specifically on examining the activities of foreign shipping companies involved in transporting Nigerian crude oil.
Adedeji clarified that FIRS seeks compliance with existing tax laws and assured international companies that the agency does not intend to disrupt their operations. The federal government aims to increase Nigeria’s tax-to-GDP ratio to 18% in the next three years without imposing additional taxes but by expanding the tax base.
Non-compliant international shipping companies are urged to promptly adhere to Nigerian tax laws, with the reassurance that the government is aware of stakeholders’ concerns in the oil, gas, and maritime sectors regarding the tax compliance exercise.
Adedeji recalled a prior intervention that granted a six-month grace period for non-resident shipping companies to regularize their tax status, which concludes by the end of this year. Emphasizing collaboration, he affirmed FIRS’ commitment to transparently resolving assessment notices and enforcing Nigerian tax laws while safeguarding taxpayer rights.
The workshop, featuring stakeholders from the oil, gas, and maritime sectors, underscores FIRS’ dedication to addressing compliance challenges collaboratively.
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