The tenth Senate has condemned the N17 trillion loss incurred by the country on tax waivers within the last five years.
The Senate’s objection to the allegedly abused tax waivers came up on Monday during the 2024 Budget Presentation of the Federal Inland Revenue Service, FIRS before the Senator Sani Musa-led Senate Committee on Finance.
In his remarks at the budget presentation session, the Chairman of the Committee, Senator Sani Musa, told the FIRS Chairman that tax waivers have cost the country about N17 trillion loss within the last five years and should be suspended and substituted with a rebating system.
Meanwhile, the Chairman of FIRS, Zaccheus Adedeji who made projection of N19.4trillion as targeted total tax collection for 2024, insisted that the fresh N2 .7trillion tax credit planned for road construction in the country by the Central Bank of Nigeria, should be stopped.
He said the programme is laudable but that the N2.5 trillion being spent on it by NNPCL should be exhausted before bringing fresh requests.
The Chairman of FIRS informed the senate that to save Nigerians from multiple taxation, FIRS in collaboration with the committee set up by President Tinubu would reduce the 62 different taxes to eight.
