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FIRS mulls cancellation of pioneer tax relief to companies

The Federal Government is losing huge sums in revenue on granting pioneer tax relief to companies, which is a tax exemption policy of the government to companies to stimulate growth and create employment. Based on this, the Federal Inland Revenue Service (FIRS) yesterday said the scheme has been abused over the years, thus creating huge revenue leakages for three-tiers of governments. Speaking recently during a courtesy visit by the State Commissioners for Finance in Abuja, to FIRS Executive Chairman, Mr. Muhammad Nami, in a statement issued by FIRS Director of Communications and Liaison Department, Abdullahi Ismaila Ahmad, said FIRS was ready to plug the tax revenue leakage in order to generate more revenue for the three tiers of government. Commenting also, the Coordinating Director, FIRS Tax Operations Group, Mr. Femi Oluwaniyi, who expressed appreciation to the state commissioners of finance for their support so far in revenue generation for the Federation, decried the indiscriminate tax waivers and incentives granted to undeserving companies.

 

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