• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NEPZA, FIRS sign MoU on tax administration in free trade zones

Trade

The Matters Press by The Matters Press
June 8, 2022
Reading Time: 3 mins read
0
Transparency group commends NEPZA of its anti-corruption reforms

The Nigeria Export Processing Zones Authority (NEPZA) has signed a Memorandum of Understanding (MoU) with Federal Inland Revenue Service (FIRS) for effective administration of taxes in the free trade zones.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Signing the MoU on Tuesday in Abuja, the Executive Chairman of FIRS, Muhammad Nami, said that the importance of the agreement was to foster greater collaboration between the two agencies.

According to Nami, the intention is to promote the smooth operation of activities or approve enterprises in the zones and ensure effective administration of taxes applicable in the operation of zones under NEPZA.

“Reason why we have been a bit careful is that we have two mandates and the mandates are conflicting.

“FIRS is asked to generate revenue for the government to be able to fund it’s budgetary requirements.

“This is also for government to be able to provide social amenities, critical infrastructure and ensure security of lives and properties.

“In your own case you are asked to attract investments. So, the need for this collaboration becomes necessary so that we don’t disagree in the course of pursuing our respective mandates,’’ he said.

While saying that the agency prioritised stakeholders’ engagements, the FIRS boss said that certain data and information were required to succeed in its mandate.

“We cannot do it alone we feel we require certain information and support of agencies like the ones present here to succeed.

“For us to be able to do this, we have come up with so many innovations to establish a tax incentive department.

“Available record shows that NEPZA and FIRS have been working harmoniously since 2010 and the aim today is to further that collaboration.

“The design of the mou is expected to have better working relationship that will promote the fulfilment of our respective mandates,’’ he said.

Nami said that while FIRS would ensure that her operations and processes would not hinder the smooth operation of the approved enterprises, it is expected that they would be prompt in filing tax returns.

“The enterprises are also expected to make remittances of taxes where applicable,’’ he said.

Nami said that FIRS would have access to the zones to conduct tax compliance check at periodic intervals in line with the MoU.

According to him, if there are any challenges, they would be resolved with speed of cordiality.

On his part, the Managing Director of NEPZA, Prof. Adesoji Adesugba, said that the MoU aimed at unbundling and strengthening the tax schedule for compliance purpose in line with section 19 of the NEPZA Act.

He said that section 19 of the NEPZA act mandates free zones enterprises to file returns for statistical and data.

“Such information makes public the record of sales, purchases and other key operation of the enterprise as the authority may require from time to time.
“This requirement is also contained in the Finance Act 2022,’’ he said.

Adesugba said that that section 8 of the NEPZA Act approved that enterprises operating in zones should be exempted from all federal, state and local government taxes, levies and rates.

“However, they are under obligations to pay all deferred taxes, including duties when they extent their businesses to the custom territories.

“So, the widely held notion that enterprises in the zones do not pay tax all remained misplaced.

“This new understanding is expected to correct this wrong notion.

“For instance, the personnel of the over 500 enterprises that operate in the 42 zones across the country religiously comply with PAYE tax.

“The monies are automatically generated and paid to the FIRS in the locations they work,’’ Adesugba said.

The NEPZA boss said that the importance of growing the country’s zone scheme in growing nation’s economy could not be overemphasised.

“Suffice to say that the authority has through the management of the zones attracted a cumulative investment of 22 billion dollars and generated over N40 billion as gross domestic product for Nigeria,’’ he said.

Adesugba, however, said that that the zones scheme comes with huge prospects and challenges.

“But we are assiduously re-tweaking our operations to ensure the scheme yields the desired impact in the nation’s economy.

“We are also committed to ensuring that this new understanding is strictly respected and followed to the latter,’’ Adesugba said.

Tags: NEPZA
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
EU not planning to ban Nigeria’s Cocoa

Nigeria’s cocoa production to hit 500,000 tonnes by 2024-Minister

Trading in Nigerian stock market dips further N83bn

Equities market loses N41.46bn

Recommended Stories

FIRS deploys tech platform for tax collection

Nigeria commits to 20% taxation on sweetened beverages

August 29, 2023
Nigeria to allocate $200m for creation of agricultural service centres

Farmers get N75bn loan from CBN

January 31, 2022
Commission plans to liberate 38% illiterate Nigerians

Security dominates Nigerians’ needs for 2022

January 2, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us