Senate Passes Bill to Whittle Down FG’s Power to Grant Tax Waivers

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•Seeks private sector, CSOs’ participation in NSIP implementation

Sunday Aborisade in Abuja

The Senate yesterday passed for second reading a bill to amend the Federal Inland Revenue Service (FIRS) Act.

The proposed law aimed to regulate the processes of granting corporate tax holidays, import duty waivers and investment incentives to investors and businesses in Nigeria.

The bill was sponsored by Yahaya Abubakar Abdullahi (PDP, Kebbi North).

It seeks to among others, whittle down the powers of the federal government to unilaterally grant tax holidays and incentives to businesses.

It seeks create a new Section (9) in the FIRS Act to mandate the Service to secure due legislative approval of the National Assembly in granting of new or renewal of corporate tax incentives and waivers.

It stated that for purposes of transparency, efficiency, effective monitoring and fair play, all requests and applications for parliamentary approval shall be referred to the…



Source: Thisday Newspaper