Recall that the Executive Chairman of the Federal Inland Services (FIRS) Muhammad Nami was invited on May 27, 2021, to appear before the house of representative on June 9, 2021, to explain the circumstances surrounding the non-payment of taxes by some companies operating in the country.
Nami had explained that the agency is not empowered to grant tax waivers to both local and foreign investors in the country.
Three firms under consideration are Indorama Petrochemical, Indorama Fertilizer and Petrochemical Ltd and OIS Indorama Eleme Port Harcourt.
The three firms under consideration have been variously granted pioneer status between December 15, 1997 to 2016 for the Indorama Petrochemical Ltd and between 2017–2020 for the Indorama Fertilizer and Chemicals Ltd respectively.
“Upon expiration of the pioneer period and conclusion of post pioneer Audit, the Indorama Petrochemical Ltd company’s tax file was returned to the Large Tax Office (LTO) Port Harcourt. Thus far, the company has filed its annual returns up to 31st December 2019 with relevant Self-Assessment and paid its attendant liabilities,” The Cable report.
