Speaker of the House of Representatives, Hon. Tajudeen Abbas has criticised companies who take advantage of tax waivers.
According to The PUNCH, the speaker went on to say that people who engage in tax waiver misuse are committing acts of economic sabotage.
These statements were delivered by the Speaker during the inaugural meeting of the Ad hoc committee charged with looking into charges of tax incentive misuse, tax advantages, and tax waivers by public institutions and enterprises.
According to House Majority Leader Julius Ihonvbare, who spoke on behalf of the Speaker, the probe was initiated to prevent economic sabotage and to increase openness, accountability, and equity in the tax system.
He emphasised that tax incentives are an important policy instrument for the government to use in promoting economic growth, luring investments, and energising employment creation. In addition, he emphasised the importance of preventing the misapplication or abuse of government-provided incentives.
Ihonvbare said, “The allegations brought before the House suggest that certain public institutions and companies may be exploiting these incentives for personal gain or to evade their tax obligations,” declared the Speaker, underscoring the committee’s establishment in response to these concerns.
He charged the committee, “In carrying out this investigation, the Committee is required to thoroughly investigate these allegations and provide recommendations for necessary sanctions and reforms.
“Endeavor to find out whether the beneficiaries of these tax incentives have lived up to the conditions attached to them and if they have fulfilled their obligations to the Nigerian people as required.
“Your mandate will be to examine the extent of the alleged abuse by public institutions and organisations, review relevant legislation, policies, and regulations governing these incentives to identify any loopholes or weaknesses that may have contributed to the alleged abuse.”
“I, therefore, call on all relevant stakeholders, including government agencies, public institutions, and companies benefitting from tax incentives, to cooperate fully with the committee’s investigation for the House to have a full understanding of the tax system with a view of taking appropriate legislative actions.”
