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BREAKING: Senate passes Finance Bill 2020 | The Nation Nigeria

BREAKING: Senate passes Finance Bill 2020 | The Nation Nigeria
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Daily Trust - FIRS, NEPZA differ over returns from free zones

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.” ....

Muhammad Nami , Adesoji Adesugba , Yunusa Tanko , Revenue Service , Nigerian Export Processing Zones Authority , National Assembly , National Planning , Companies Income Tax , Federal Inland Revenue Service , Finance Bill , Free Trade Zones , Companies Income Tax Act , Federal Inland Revenue Establishment Act , Managing Director , Professor Adesoji Adesugba , Daily Trust , Executive Chairman , Special Adviser , முஹம்மது நமி , வருவாய் சேவை , நைஜீரியன் ஏற்றுமதி ப்ரோஸெஸிஂக் ஸோந்ஸ் அதிகாரம் , தேசிய சட்டசபை , தேசிய திட்டமிடல் , நிறுவனங்கள் வருமானம் வரி , கூட்டாட்சியின் உள்நாட்டு வருவாய் சேவை , நிதி ர சி து ,