NEPZA, FIRS signs MOU to boost revenue collection at nation’s free trade zone areas across country.

Written by on June 9, 2022

The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have signed a Memorandum of Understanding [MOU], to boost revenue collection at the nation’s free trade zone areas across the country.

Speaking at the signing ceremony recently in Abuja, NEPZA Managing Director, Prof. Adesoji Adesugba said the MOU only aims at unbundling and strengthening existing tax schedules for compliance purposes in line with Section 19 of the NEPZA Act.

According to him, section 19 of the ACT mandates free zones enterprises to file returns for statistical data, as such information makes public the records of sales, purchases and other key operations of the enterprises as the Authority may require from time to time in line with the Act.

According to him, the zone scheme comes with huge prospects and challenges but the authority in collaboration with other agencies like the Customs, FIRS, and other stakeholders is currently working assiduously, re-tweaking its operations to ensure the scheme yields the desired impact in the nation’s economy.

Ameen J. Kantyok

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