IGR: Present Administration Poised To Build On State's Economic Prospects
By Our Reporter
In furtherance to building a vibrant Internally Generated Revenue base for Cross River State, the Acting Executive Chairman, Prince Edwin Okon, has met with the Head of Calabar Free Trade Zone (CFTZ), Mr. Wilfred Odega to seek for collaboration, identify key investment stakeholders and optimize possible economic potentials the Zone has to offer the State in the area of Internally Generated Revenue (IGR).
Prince Okon hinted that with an economic summit expected to hold soon in the State, the Governor Bassey Otu-led administration remains committed to the economic development of the State and is poised to achieving the feat through seamless engagements with investors in collaboration with the CFTZ which happens to be the oldest in Nigeria.
He said although the law backing the Export Processing Zone makes provision for tax free incentives for the investors that use such facilities, Pay-As-You-Earn (PAYE), Wharf Landing Fees and Withholding Tax are levies that these investors need to pay for those in their employ, external contract services rendered as well as wharf landing matters.
The Head of Zone, Calabar Free Trade Zone, Mr. Wilfred Odega, in his response, said through galvanizing for global and local investors, the CFTZ is ready to mutallly partner with the Cross River Internal Revenue Service to build a beneficial relationship that will deliver economic benefits to Cross River State thereby boosting her IGR.
He pledged that taxes legitimately due to the State would be remitted in accordance with the laws backing such taxes such as PAYE.
Mr. Odega mentioned that although investors may not pay certain taxes, they are made to comply with the employment generation for locals and Corporate Social Responsibility terms of operation.
He further appealed to the State government to look into the scrap suspension directive as it has negativly impacted business.
Both parties pledged to continually engage interactively in the future.
