The Senate, through its Standing Committee on Finance, on Monday, frowned at N17trillion loss incurred by the Federal Government on tax waivers in the last five years. The Red Chamber consequently urged the Federal Inland Revenue Service (FIRS) to suspend the current tax waiver policy over its alleged abuse and substitute same with a tax rebate system. Our Correspondent reports that a tax rebate is a reimbursement made to a taxpayer for an excess amount paid in taxes during the year. It occurs when the taxes paid by an individual or a business – through payroll deductions or estimated payments – exceed the liability. The Senate’s position was disclosed during the 2024 budget presentation of FIRS to the legislative committee on Finance at the Senate Wing of the National Assembly in Abuja, on Monday. This is even as the chairman of FIRS, Zacch Adedeji, who made a projection of N19.4trillion as total tax collection for 2024, insisted that the fresh N2.7trillion Tax Credit planned for road construction in the country by the Nigerian National Petroleum Company Limited (NNPCL), be stopped.

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