Senate asks FIRS to suspend N17tn tax waivers

The Senate through its Committee on Finance on Monday frowned at the N17tn loss incurred by the country on tax waivers within the last five years.
It consequently urged the Federal Inland Revenue Service to suspend the tax waivers being largely abused and substitute it with a rebating system.
The Senate’s objection to the allegedly abused tax waivers came to the fore during the 2024 budget presentation of FIRS to its committee on Finance.
Similarly, the Chairman of Federal Inland Revenue Service, Zacch Adedeji, who made projection of N19.4tn as targeted total tax collection for 2024, insisted that the fresh N2.7tn Tax Credit planned for road construction in the country by the Central Bank of Nigeria, should be stopped .