Business
FIRS To Get $996,010 Tax Liability
The Tax Appeal Tribunal in Abuja on Monday ordered Seacor Marine Nigeria, a multinational company , to pay 996, 000 dollars tax liabilities to the Federal Inland Revenue Service (FIRS).
The Acting Chairman of the tribunal, Mr Nnamdi Ibegbu (SAN), gave the order in a judgment following an out of court agreement entered into by the two parties.
The figure represented the tax liabilities to be paid by Seacor Marine Nigeria between 1996 and 2011.
Seacor had in November 2005 challenged FIRS at the tribunal for refusing to amend its assessment between 1996 and 2003 tax years, totaling 771, 972 dollars.
Ibegbu, in his judgment, said the parties in the matter had settled out of court and dully filed their terms of settlement which was entered as consent judgment.
The tribunal ordered Seacor Marine Nigeria Inc to pay to FIRS the total sum of 185,594 dollars, representing the recharges for the period of assessments from 2000 to 2003.
The company will pay 77, 428 dollars for the year 2000; 18,287 dollars for 2001; 24,425 dollars for 2002 and 65,352 dollars for 2003.
The out of court agreement stated that “these payments shall be full and final payment of all taxes for 2000 to 2003 years of assessment on recharges”.
Seacor Marine Nigeria Inc has also agreed not to apply recharges from 2004 to date.
The tribunal also ordered that FIRS should immediately issue additional assessment of over 810,416 dollars on recharges for the tax year 2004 to 2011.
“The said additional assessment shall be immediately be paid by Seacor Marine Nigeria Inc.
“The parties have agreed that these terms of settlement shall be made the final judgment of the tribunal between the parties in this appeal in respect of the outstanding tax liability in the year of assessment under reference,” the tribunal said.
Bright Igbinosa represented FIRS in the appeal while Lanre Adeyinka represented Seacor Marine Nigeria.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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