Nigeria: FIRS Reaffirms No New Taxes Amid Visit from Guinness Nigeria CEO

FIRS Reaffirms No New Taxes Amid Visit from Guinness Nigeria CEO
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Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has reiterated the agency’s stance against introducing additional taxes in Nigeria.

Adedeji made this statement during a visit to the Revenue House in Abuja by Adebayo Alli, Chief Executive Officer of Guinness Nigeria Plc, along with the company’s management team, on Wednesday.

In a statement by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman, Adedeji emphasized the directive from the President to maintain single-digit taxes in the country. He highlighted that after the work of the Presidential Committee on Fiscal Policy and Tax Reforms, the maximum number of taxes would be nine.

Adedeji assured, “By God’s grace, we will not introduce additional taxes nor increase any form of tax. We are only determined to increase the pie.”

He further explained FIRS’s restructuring efforts to enhance operations and customer relations, categorizing taxpayers based on turnover into large, medium, and small categories.

Adedeji also mentioned President Bola Tinubu’s introduction of the consumer credit scheme to boost purchasing power and stimulate growth in companies like Guinness Nigeria. Additionally, he highlighted the commencement of a single window platform for logistics at ports, streamlining processes and reducing delays in receiving raw materials.

In response, Adebayo Alli expressed Guinness Nigeria’s commitment to continue operating in the country despite macroeconomic challenges. He emphasized the company’s investment in Nigeria and sought assurances from FIRS regarding its role in economic recovery.

Guinness Nigeria faced a N5.23 billion loss in operating profit in 2023 due to foreign exchange expenses.

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