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FIRS to Tighten Tax Compliance Among International Shipping Companies

by Geraldine S.
11/22/2023
in Compliance, Risk Management

The Federal Inland Revenue Service (FIRS) has announced its intention to rigorously enforce tax compliance among foreign shipping firms operating in Nigeria, particularly those involved in transporting Nigerian crude oil. This declaration was made by the FIRS Chairman, Mr. Zacch Adedeji, during a workshop focused on the taxation of non-resident shipping companies held in Lagos.

A press release issued by Mr. Adedeji’s Special Adviser on Media, Mr. Dare Adekanmbi, highlighted the legal obligations of these companies under Section 14 of the Companies Income Tax Act (CITA) 2004 (as amended). The act requires foreign companies engaged in shipping and air transport operations within Nigeria to submit tax returns as a condition for continuing their business operations in the country.

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Mr. Adedeji emphasized that the initiative to ensure compliance from international shipping companies lifting crude oil is part of the FIRS’s broader strategy to expand Nigeria’s tax base. He mentioned that the international shipping companies previously contacted should be aware of the necessity to adhere to tax regulations within the jurisdictions they operate.

The FIRS Chairman called on those international shipping firms that have yet to comply with Nigeria’s tax laws to begin doing so immediately. He acknowledged the concerns expressed by stakeholders in the oil and gas as well as the maritime sectors regarding the tax compliance initiative targeting international shipping companies. The move aims to ensure that all entities involved in the lifting of crude oil from Nigeria fulfill their tax obligations in accordance with national legislation.


Your source for supply chain report news updates: The Supply Chain Report. For international trade insights and tools, head to ADAMftd.com.

#FIRS #TaxCompliance #NigeriaShipping #CrudeOilTransport #ForeignShippingFirms #CITALaw #InternationalShipping #FIRSInitiative #NigeriaTaxBase #MaritimeTaxation #OilAndGasCompliance #TaxReformsNigeria #ForeignCompanyTaxation #ShippingTaxRegulations #NigeriaRevenue

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