BY COBHAM NSA – The Federal Government is moving to boost its tax revenue and attract more foreign direct investment (FDI) into the country’s oil and gas free zones with the Office of the Tax Ombud and the Oil and Gas Free Zones Authority (OGFZA) teaming up to fix tax disputes and fee-related grievances.
Additionally, the new partnership will deploy effective and efficient mediation services provided by the country’s foremost tax dispute-resolution institution to make free zones more attractive to global investors and grow the national economy in terms of tax-to-GDP ratio.
Tax Ombud/Chief Executive, Dr. John C. Nwabueze, who spoke about the resolution reached during a courtesy visit to the OGFZA in Abuja, described the proposed collaboration as a panacea for promoting fair, transparent, predictable and investor-friendly tax administration within Nigeria’s oil and gas free zones.
A statement by the Chief Press Secretary to the Tax Ombud, Chukwudi Achife said quoted Dr Nwabueze as saying: “I am very much aware that OGFZA regulates and coordinates activities in the zones, grants permits and licences, administers incentives, and resolves disputes among stakeholders.
“The Office of the Tax Ombud complements these functions by providing an independent channel for reviewing and resolving complaints relating to taxes, levies, regulatory fees, customs duties and excise matters.”
Furthermore, Dr. Nwabueze, said the two government agencies could partner in areas such as taxpayer complaint resolution, clarification of tax incentives, review of systemic complaints, and the promotion of transparency and accountability.
According to him, these efforts would contribute to increased voluntary tax compliance and a higher tax-to-GDP ratio, which is critical to national development and consistent with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR.
In his remarks, the Managing Director and Chief Executive Officer of OGFZA, Alhaji Usman Bamanga Jada, said investors in Nigeria’s oil and gas free zones have benefited from incentives, tax exemptions and customs duty concessions deliberately introduced by the Federal Government to encourage sustainable FDI inflows into the country, as well as private-sector-driven infrastructure development and employment generation.
Alhaji Usman, who described the collaboration as a timely move to advance OGFZA’s mandate, said partnering with the Office of the Tax Ombud will boost investor confidence and promote business activities within Nigeria’s special economic zones.
Meanwhile, as part of efforts to fast-track these objectives, both agencies have appointed liaison officers to coordinate their shared goals and execute the collaboration efficiently.
