Ahead of renewed efforts to begin the disbursement of Cabotage Financing Fund by the Federal Government, ship owners and the Federal Government have agreed to reconcile all existing tax liabilities accumulated over the past 10 years.
President Bola Tinubu through his Special Adviser on Revenue, Zacchaeus Adedeji have met with Ship Owners and they’ve agreed to set up a technical committee to resolve the issue with some recommendations:
- The technical committee will look at the concerns and reconcile the back taxes and set the process that will ensure compliance going forward.
- Ship owners would be given a three-month grace period to come to a conclusion on his to pay their debts.
- Grace period of six months where the FG won’t enforce any of the laws just to allow for reconciliation of the debt. (No vessel or ship will be detained or delayed during this period).
Adedeji also acknowledged concerns about compliance timing and potential enforcement, but emphasized the government’s commitment to swiftly resolve the issue to avoid disruptions in the flow of goods both within and outside the country.
