Senate Frowns At Indiscriminate Tax Holidays, Import Duties Wavers, Concessions

The Senate, Thursday, frowned at the indiscriminate tax holidays, import duty waivers and concessions being granted investors by the Federal Government.
The President of the Senate, Ahmad Lawan, expressed the position of the Red Chamber in Abuja, while speaking at an occasion to mark his 64 birthday anniversary.
Consequently, Lawan revealed that the Senate would review the processes of granting corporate tax holidays, import duty waivers and concession to investors and businesses by the Federal Government.
He said that the Federal Parliament would carry out the review due to leakages and loopholes in tax collection and remittances to the government amid revenue shortfalls and high debt profile in the country.
The lawmaker stressed that most of the waivers and concessions needed to be reviewed to generate more money into government coffers and minimise borrowing.
“The government cannot continue to borrow money because it is not sustainable. We have to look inward and generate more money to execute landmark projects and fund infrastructures,” he said.
Similarly, Lawan frowned at the recent report by the National Bureau of Statistics (NBS), that there were more poverty ravaging Nigerians in the North East and North West, saying that the people in the zones needed not to be poor if the government could invest in livestock business.
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