FG GIVES VESSEL OWNERS SIX MONTHS FOR TAX COMPLIANCE, ACCOUNT RECONCILIATION

The federal government has announced a grace period of three months for non-resident vessel owners to reconcile their tax obligations in order to ensure tax compliance.

A six-month grace period was equally given to vessel owners who are yet to reconcile their accounts and fulfil tax obligations to clear their outstanding tax bill, said to be running into millions of dollars.

Reports said many of the vessel owners avoided the nation’s port due to tax concerns in the recent past.

According to the Special Adviser on Revenue to the President, Zaccheaus Adedeji, the decision was made following an interactive session involving key stakeholders, including oil and gas regulators, the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue, and representatives from the Presidency.

 

During the session, concerns were raised regarding a demand notice issued to non-resident vessel owners, which required them to remit back taxes for the past ten years in accordance with Nigerian tax laws.

Mr Adedeji explained the government’s commitment to upholding the law and not accepting any form of blackmail from tax defaulters.

However, to avoid disrupting the flow of oil and gas products within and outside the country, it was agreed that no vessels or ships would be detained or arrested.

Instead, he said a technical committee would be established to address the concerns of non-resident vessel owners and facilitate the reconciliation of taxes

A six-month grace period was equally given to vessel owners who are yet to reconcile their accounts and fulfil tax obligations to clear their outstanding tax bill, said to be running into millions of dollars.

Reports said many of the vessel owners avoided the nation’s port due to tax concerns in the recent past.

According to the Special Adviser on Revenue to the President, Zaccheaus Adedeji, the decision was made following an interactive session involving key stakeholders, including oil and gas regulators, the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue, and representatives from the Presidency.

During the session, concerns were raised regarding a demand notice issued to non-resident vessel owners, which required them to remit back taxes for the past ten years in accordance with Nigerian tax laws.

Mr Adedeji explained the government’s commitment to upholding the law and not accepting any form of blackmail from tax defaulters.

However, to avoid disrupting the flow of oil and gas products within and outside the country, it was agreed that no vessels or ships would be detained or arrested.

Instead, he said a technical committee would be established to address the concerns of non-resident vessel owners and facilitate the reconciliation of taxes