In a recent meeting between the Federal Inland Revenue Service (FIRS) and Guinness Nigeria Plc, Zacch Adedeji, the Chairman of FIRS, reiterated the agency’s stance on refraining from introducing additional taxes in the country.
This statement came during a visit by the management team of Guinness Nigeria to the Revenue House in Abuja, led by their Chief Executive Officer, Adebayo Alli.
Adedeji, as reported by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, emphasised the directive from the President to maintain a single-digit tax regime, with the maximum number of taxes capped at nine, following the work of the Presidential Committee on Fiscal Policy and Tax Reforms.
“We are committed to increasing the revenue pie without burdening taxpayers with additional taxes or hikes,” Adedeji stated. He highlighted FIRS’s operational restructuring aimed at effectively assessing, collecting, and accounting for taxes, focusing on customer segmentation based on turnover.
Additionally, Adedeji outlined governmental initiatives to stimulate economic growth, including the consumer credit scheme aimed at enhancing purchasing power and the introduction of a single window platform for logistics at ports to streamline processes and reduce delays in acquiring raw materials.
In response, Adebayo Alli, CEO of Guinness Nigeria, assured FIRS of the company’s dedication to continuing operations in Nigeria despite macroeconomic challenges. Alli emphasised Guinness Nigeria’s commitment to investment in the country and sought assurances from FIRS regarding its role in supporting economic recovery efforts.
Foreign exchange expenses significantly impacted Guinness Nigeria’s operating profit in 2023, leading to a reported loss of N5.23 billion.
