Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), reaffirmed the agency’s commitment to refrain from introducing additional taxes in Nigeria. This declaration came during a visit by Guinness Nigeria Plc’s Chief Executive Officer, Adebayo Alli, and his management team to the Revenue House in Abuja on Wednesday.
In a statement released by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman, Adedeji emphasized the directive from the President to streamline the tax system to a single-digit format, limiting the maximum number of taxes to nine. Adedeji highlighted FIRS’s focus on expanding the tax base rather than increasing tax rates. He emphasized the agency’s efforts to restructure operations to effectively assess, collect, and account for taxes, categorizing taxpayers based on turnover into large, medium, and small groups.
Adedeji also commended President Bola Tinubu’s initiatives, including the consumer credit scheme aimed at boosting purchasing power and a single-window platform for logistics at ports, aimed at easing business operations, particularly for companies like Guinness Nigeria.
In response, the CEO of Guinness Nigeria expressed the company’s commitment to continue operating in Nigeria despite macroeconomic challenges. He assured FIRS of the company’s continued investment in the country and sought assurances regarding the tax authority’s role in economic recovery.
Guinness Nigeria faced challenges in 2023 due to foreign exchange expenses, leading to a reported loss of N5.23 billion in operating profit. However, the company remains steadfast in its commitment to Nigeria’s business landscape, as reiterated during the meeting with FIRS officials.
