2019 Audit Report: FIRS Approved N5.61 billion Capital Allowance to Companies without Certificate of Acceptance, Forfeits N1.68 billion in Revenue

The Federal Inland Revenue Service (FIRS) approved a Capital Allowance of N5.61 billion for 13 companies and also failed to collect the statutory 30% Company Income Tax (CIT) of the total capital allowance given to these companies. The revenue lost by this failure is N1.68 billion.