$3.3 Billion Tax Evasion - Senate Orders Nigeria LNG to Produce Evidence of Payments
The Senate on
Thursday issued the Nigeria LNG one week ultimatum to produce all
details showing its payments of dividend and other taxes to the Nigerian
government since it commenced business.
The lawmakers were
angered by a new report by Action Aid Nigeria, a non-governmental
organisation, which revealed how Nigeria lost $3.3 billion (about N650.1
billion) in seven years
to questionable tax exemption granted by the
government.
The report titled:
"Leaking Revenue: How a big tax break to European gas companies has cost
Nigeria billion" highlighted the loss by the Nigerian government
through the contentious pioneer status regime granted the company.
The NLNG was not
only exempted from paying 30 per cent corporate income tax (CIT) on its
profits for five years between 1999 and 2004, but refused to commence
payment after the period of approved exemption lapsed in 2009, until
2012.
The report also indicated that the NLNG has not even paid the $1.15 billion it was supposed to have paid in 2012
Comments