Nigeria targets N553bn from unremitted shipping taxes

The Federal Government says it intends to recoup over N553 billion in unremitted taxes from international petroleum shipping companies in Nigeria.

The Director of International Tax, Federal Inland Revenue Service (FIRS), Mr Abdullahi Aliyu, disclosed on Wednesday at the Nigerian Chamber of Shipping (NCS) virtual summit.

According to him, recouping the sum accrued from 2010 to 2019 would help address the nation’s 2023 budget deficit of N11.3 trillion.

He noted that the N553 billion unremitted taxes represents 5.03 per cent and would be an alternative to addressing Nigeria’s economic woes instead of borrowing.

“The onus is on global businesses to understand the local laws and taxation in the countries where they transact business, and these specific laws have been in place in the nation for decades.

“Nigerian taxes are more favourable to non-residents than indigenous companies, thereby creating an unfair business environment for local operators,” he said.