By
Fri Dec 11 2020
The Federal Inland Revenue Service (FIRS) and the Nigerian Export Processing Zones Authority (NEPZA) have differred over a provision of the new Finance Bill which seeks to subject companies in Free Trade Zones (FTZs) to render returns to FIRS.
It is supposed to be in line with the provisions of the Companies Income Tax (CIT) Act.
The Finance Bill seeks to amend NEPZA Act to prove that “all companies registered and operating in the Zone shall comply with the provisions of Section 55 (1) of the Companies Income Tax Act and render returns in the manner prescribed therein, to the Federal Inland Revenue Service and the penalties prescribed in Section and all penalties in the Companies Income Tax Act and the Federal Inland Revenue Establishment Act that may apply in the event of non-compliance with the said Section 55 (1) of the Companies Income Tax Act shall apply to such companies in the event of default to comply.”