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FIRS signs MoU with NEPZA to improve tax administration in free trade zones

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The Federal Revenue Service (FIRS) on Wednesday said it has signed an MoU with Nigeria Export Processing Zones Authority (NEPZA) in a bid to boost tax revenue from the free trade zones around the country.

The ceremony was led by the Executive Chairman of the FIRS, Muhammad Nami, and the MD of NEPZA, Adepoju Adesugba.

According to a statement on its Twitter handle, FIRS said it’s expected to start receiving returns from enterprises that are in operations in the free trade zone.

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It said it would also have access to the zones to conduct compliance checks.

“It is important to note that enterprises in the Export Processing Zones enjoy complete exemption from tax. However, they are statutorily expected to file returns. These returns help the government to plan and know which taxes it has foregone as incentives.

“It is also expected that the companies in the zone act as collection agents of VAT for the FIRS when they do business with companies that are not in the zone.

“This MoU would also help the FIRS to breach collaboration gaps between the Service and NEPZA,” FIRS wrote on its Twitter handle.

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