NIMASA’s role in revenue generation vital to economic development – CITN

The Chartered Institute of Taxation of Nigeria (CITN) has identified the significant role that the Nigerian Maritime Administration and Safety Agency (NIMASA) plays in ensuring that tax revenue becomes a prime source of government financing in the nation’s economic development drive.

According to a statement signed by Philip Kyanet, head, Corporate Communications of NIMASA, Gladys Olajumoke Simplice, president and chairman of Council, CITN, disclosed this in Lagos recently during the 22nd Annual Tax Conference organised by the institute.

Simplice commended NIMASA’s commitment to the development of the maritime industry through promotion of the Federal Government’s Ease of Doing Business initiative and expansion of infrastructure, stating that they are vital to national progress.

“NIMASA is a regulatory agency saddled with the responsibility of regulating shipping business in the maritime industry, creating enabling environment to simplify taxes on businesses to attract foreign direct investment, and generating revenue,” Simplice stated.

The CITN president also spoke on the strategic economic importance of marine tourism and water transportation, and called for deliberate measures to develop them.

“As a regulatory body, it is your duty to regulate the tourism aspect of Nigeria, encourage indigenous shipping, and financially empower Nigerians to develop their cargo businesses, which automatically enable our local and foreign exports through ships. “NIMASA can bring water tourism into focus in Nigeria, and this is my charge to NIMASA,” Simplice said.

Simplice further said that NIMASA had been instrumental in the fight against piracy and other maritime crimes, stating that the partnership with the Nigerian Navy will go a long way in safeguarding the country’s maritime environment.

She called for equal treatment of operators in the industry and tax concessions to shipping companies, especially on account of the adverse effect of Covid-19.

The conference centred on the broader role of taxation as an essential tool for economic growth and competitiveness, with submissions on policy, legal and administrative prescriptions for various stakeholders.