Executive Chairman of the Federal Inland Revenue Service, Tunde Fowler, told Reuters on Wednesday that over 10 indigenous firms have applied to have their taxes halfed in order to help the country bridge its infrastructure deficit.
Fowler said this would initially cause cuts in revenue collection but the tax collector’s improved biometric database will sure-up its coffers.
He noted that one other unnamed firm besides Dangote group, has so far successfully registered for the tax credit scheme.
He said, “It may reduce the amount of my collections initially, but as I expand my tax net, I would make up for that reduction.
“We believe we would generate more revenues from the additional infrastructure that would be created.”
President Muhammadu Buhari had on January 25 2019, signed Executive order 007, paving the path for Dangote’s 30 per cent tax rebate for building sections of the abandoned Apapa port road, to become law.
FIRS said it raised N5.32tn in revenues in 2018, its highest collection till date.