NewsExpress banner First Bank Fashion Souk Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

FIRS recovers N97.7bn from tax defaulters

By News Express on 12/09/2019

Gmail icon

Views: 301


Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said the agency recovered over N97.7 billion from tax defaulters since it gave the directive to banks to put a lien on tax defaulters’ bank account.

Fowler made the disclosure yesterday in Abuja at the 49th Annual Accountants Conference organised by the Institute of Chartered Accountants of Nigeria (ICAN).

He said that under the tax substitution programme, FIRS intensified its efforts to collect taxes from default payers by appointing banks and other financial institutions as collection agents.

With the step, he said that banks as tax collecting agents were directed to make specific deductions from alleged tax defaulters’ accounts and pay such over to the FIRS in full or partial payment of the alleged tax debt.

Prior to the action, he said the agency had granted tax amnesty programmes such as the Voluntary Assets and Income Declaration Scheme (VAIDS) without much success.

He said that through the substitution exercises, FIRS increased tax revenue collection through special tax audit, VAIDS, special investigation and the banking turnover initiatives.

He went further to say that so far, 3,976 out of 44,293 non-compliant companies have paid about N97.7 billion.

Giving a breakdown of the money recovered, he said that through the banking turnover exercise, the Service recovered N88.59 billion after reaching agreement with 3,797 out of 42,736 companies.

In addition to that, he said that 74 out of 406 companies have paid about N4 billion under the special tax audit substitution exercise.

According to him, FIRS realised N3.84 billion after reaching agreement with 79 out of 800 companies under the VAIDS substitution exercise.

He said that through the special investigation substitution exercise, 47 out of 351 companies have paid N2.06bn.

The FIRS boss also cautioned banks against sabotaging the directive to restrict access to specific bank accounts.

He said: “As at today, there are a total of 23,141 tax defaulters who are yet to come forward to clear their outstanding liabilities of about N254 billion.

“FIRS, in collaboration with the banks, have started engaging in compliance measures with regards to the tax defaulters and their accounts. Failure to carry out this directive will result in the banks being sanctioned according to Section 31 subsection 1-3 and 32 respectively of FIRS Act 2007.”

He enjoined taxpayers to comply with payment as, according to him, non-compliance will attract sanction. The action is being contested by shades of opinion.

FIRS, however, defended the stance of the Service, stating that it will do all within its powers to boost tax collections. (New Telegraph)

Source News Express

Posted 12/09/2019 12:52:44 PM





You may also like...
Rivers Commissioner dies in London hospital

Zenith Bank earns over N80 billion as trading...

FG establishes job creation centre in Akwa Ibom...

Dora Akunyili goes home in a blaze of...

Ondo APC Elders want former dep gov, chairman...

Ekweremadu: Why we passed the 'Not-Too-Young-To-Run' bill

Orikeze Ajumbe and the concept of political harlotry,...

Obasanjo wades into Chibok schoolgirls abduction saga, holds...

Africa retail giants Steinhoff, Shoprite shelve merger

NLNG, CORA host 11 shortlist authors of 2016...

Bethel Amadi: Imo has lost a great Son...

Scientists find miracle gel that kills cancer tumours...


Latest News Hunters overpower, arrest 2 kidnappers Catholic priests abducted in Ondo DSS invasion: What AGF, NBA must do, by SANs Poll violence: PDP members allege Ekiti Speaker behind shooting in Ikere Sowore: DSS refutes court drama Sowore faked his court arrest ― Buhari’s aide Fraud: Igbo group hails 12-year imprisonment for ex-Governor Orji Kalu ThrowBack: How states spent N37.367bn on pensions of 47 ex-governors, deputies PDP Women Leader set ablaze in Kogi buried amid tears + PHOTOS My saddest day was when I lost 5 players in plane crash ― Iwuanyanwu We are with Igbo, Yoruba, others on restructuring ― Southern Kaduna 981 Kogi teachers write professional exam


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (569,781 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (455,704 views) Shameless Genevieve Nnaji exposes breasts in public (405,519 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (340,535 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (307,038 views) 10 cars more expensive than Jets (290,857 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (260,858 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (259,713 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,157 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (227,720 views) Lagos plane crash: Journalist releases victims’ names (203,519 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (199,995 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,615) Business Verdict (89) Columnists (1,156) Complaints & Requests (97) Enterprise & Opportunities (221) Entertainment (716) Features (852) Global Business Monitor (497) ICT Monitor (72) International (4,307) Interview (219) Live Commentary (30) Love Matters (177) Maggie's Blog (510) News (54,954) Opinion (1,436) Pidgin (18) Politics (11,857) Religion (1,132) Sports (2,248) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera