NECA faults move by FIRS to begin collection of annual returns

The Nigeria Employers’ Consultative Association (NECA) has faulted plans by the Federal Inland Revenue Service (FIRS) to mandate corporate organisations in the country to start paying their annual returns earlier than their due dates.

The move, NECA said, was ill timed, adding that companies were virtually closed due to the lockdown as a result of the Coronavirus pandemic. 
NECA noted that the circular by FIRS requesting for advance payment of taxes by companies amounted to an additional pressure on businesses. It noted that governments globally were finding ways to support businesses to ease their burdens, saying Nigeria should not be an exception. 

Its Director-General, Timothy Olawale, said the FIRS has not taken into consideration the holistic nature of industries operating within the global context, the constraints imposed by COVID-19 and its attendant collateral damages on businesses and economies.
He urged the government agency to emulate its counterpart in other countries, adding that it should put in place palliative measures to cushion the effects of the pandemic on corporate Nigeria rather than putting more pressure on the private sector.

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FIRSNECATimothy Olawale
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