As the nation grapples with the dwindling revenue occasioned by the dip in oil prices, the Co-ordinating Minister of the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala has disclosed that the federal government lost huge revenue to tax holidays fraudulently granted companies by officials of the Nigerian Investment Promotion Commission (NIPC).
The minister’s disclosure was contained in a recent letter to NIPC Executive Secretary, Mrs Saratu Umar.

“The purpose of this letter is to appraise you on apparent abuse in the grant of Pioneer Status (tax holiday) to companies in the country by the Nigerian Investment Promotion Commission (NIPC) leading to decline in tax revenues,” wrote the minister in the letter which was copied the Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke, and Minister for Trade and Investment, Olusegun Aganga.

The minister noted that while oil companies were supposed to be taxed 65 per cent in accordance with the Petroleum Profit Tax Act (PPTA), certain officials of NIPC had fraudulently listed such companies under the Industrial Development (Tax Relief) Act and handed them pioneer certificates.

She further reminded that Tax Relief Act remained a “subsidiary legislation” to the Companies Income Tax (CITA) she said was the “Principal Act.”

Read full story
http://monitor9ja.com/2015/05/okonjo-iweala-fg-lost-huge-revenue-to-fraudulently-granted-tax-companies/

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Make thunder just fire this woman

Why is she just discovering that now....Are no interim internal audits carried out?

How accountable is the government with the revenue generated?

Sometimes, I just feel sorry for this woman. I believe she would have performed better under a stronger President.

You hear am?

Now we are hearing why govt revenue dropped.....how can a sane person sign a 'tax holiday' for oil companies? Yet they never forget to deduct tax from me every single month?

I'm sure if the tax due in this country is effectively collected and managed, we wouldn't feel the oil price crash too much.

This is another aspect of the incompetence we keep talking about. In fact this is more than incompetence......its sheer wickedness. How can govt scream being broke, not pay workers, yet afford to give 'tax break' to oil companies?

This is. Expo to baba. Since their cluelessness will not allow them act.

Short STORY:

A lovely little girl was holding two apples with both hands.
Her mum came in and softly asked her little daughter with a smile: my sweetie, could you give your mum one of your two apples?
The girl looked up at her mum for some seconds, then she suddenly took a quick bite on one apple, and then quickly on the other.
The mum felt the smile on her face freeze. She tried hard not to reveal her disappointment.
Then the little girl handed one of her bitten apples to her mum,and said: mummy, here you are. This is the sweeter one.

No matter who you are, how experienced you are, and how knowledgeable you think you are, always delay judgement. Give others the privilege to explain themselves. What you see may not be the reality. Never conclude for others.

Stupid yeye person.

with the look of things, alison n okonjo wouldn't be probe

When I heard abt this news this morning,I was shocked cos d estmated amount was around $20B.What a country.