NEPZA, FIRS Sign Agreement On New Tax Regime For Better Zoning

The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have signed an agreement aimed at enhancing a better understanding of the Free Trade Zones Scheme’s tax-exempt index.

NEPZA, FIRS Sign Agreement On New Tax Regime For Better Zoning

According to the new tax accord, arbitrary freezing of bank accounts of free zone firms, as well as uncontrolled entry into the zones to harass them without permission from the administration and joint understanding of the FIRS, would be prohibited.

During the signing of the Memorandum of Understanding (MoU) on the new tax regime in Abuja, Adesugba said that all stakeholders would need a better understanding of the importance of the Special Economic Zones scheme and its incentives, adding that this understanding would encourage the scheme’s development and competition.

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NEPZA’s mandate in attracting both FDI and LDIC, according to Mr. Muhammad Nami, Executive Chairman of FIRS, making it a major agency in pushing the country’s industrialisation.

He stated that the public must understand the FIRS’ mandate, which is primarily focused on the collection of revenues to be used by the government for the benefit of the citizens, and that participation is essential to correct the country’s tax records.

Mrs. Catherine Ekekezie, the Deputy Comptroller-General of the Nigeria Customs Service in charge of the Free Trade Zone, explained that the perceived misunderstanding of the zone scheme’s operations stemmed from a lack of in-depth knowledge of the laws and regulations that guided the scheme, adding that government agencies could only work harmoniously if they took time to study the Acts, rules, and regulations of their sisters’ agencies.