Tax Ombud, OGFZA in Synergy to Deepen Investor Confidence, Attract FDI
As part of efforts to increase Nigeria’s tax-to-GDP ratio, the Office of the Tax Ombud and the Oil and Gas Free Zones Authority (OGFZA) have resolved to explore inter-agency collaboration aimed at attracting more foreign direct investment (FDI) into the country’s oil and gas free zones by addressing tax and fee-related grievances through effective and efficient mediation services provided by the country’s foremost tax dispute-resolution institution.
Chukwudi Achife, Chief Press Secretary to the Tax Ombud has said in a statement.
The resolution was disclosed on Wednesday during a courtesy visit to OGFZA by the Tax Ombud/Chief Executive, Dr. John C. Nwabueze, who 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.
Speaking further, the Tax Ombud said: “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.”
According to Dr. Nwabueze, the two government agencies could collaborate in areas including taxpayer complaint resolution, clarification of tax incentives, review of systemic complaints, and the promotion of transparency and accountability. These efforts, he said, 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.
Responding, the Managing Director/Chief Executive Officer of OGFZA, Alhaji Usman Bamanga Jada, told his august visitor that 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 noted that collaboration with the Office of the Tax Ombud to advance OGFZA’s mandate was timely, as it would help build investor confidence and promote business activities, particularly within the special economic zones that the Authority is championing across the country.
As part of efforts to translate the proposed collaboration into concrete action, both government agencies have appointed liaison officers to coordinate the relationship and facilitate the achievement of the desired objectives within the shortest possible time.
