NLNG Corporate Respect banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

FIRS recovers N97.7bn from tax defaulters

By News Express on 12/09/2019

Gmail icon

Views: 272

•Fowler
•Fowler

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

 

 

CLASSIFIED ADS

 

You may also like...
My Journey to Akanu Ibiam Int. Airport Enugu:...

NUJ denies deregistering Shi’ite-owned newspapers

Bank of Ghana to prosecute executives of failed...

Peterside reacts to Supreme Court ruling declaring him...

Why Saraki frowned!

Buratai visits Operation LAFIYA DOLE troops in Borno...

South South, South West leaders warn against military...

Nigerians not feeling impact of Buhari’s anti-corruption war...

FG dismisses reported appointment of new leader for...

Northern governors meet Buhari over IPOB

Suspected herdsmen kill five in Kwara

PSP waste operators storm court to stop victimisation...

 

Latest News NGOs’ covert agenda, By Modu Ba’ana Buhari: President for the vulnerable, By Danliti Goga Kwankwaso escapes lynching in Kano Harvest of promotions in Police: 6 AIGs now DIGs, 14 CPs promoted AIGs, 230 SPs, others also benefit Reps spot discrepancies in Accountant-General’s budget Crocodile Smile IV: Military declares war on oil thieves, kidnappers in South-West Police parades 81 suspected kidnappers, robbers, recover N10m ransom How we plotted kidnap of lawmaker from prison — Suspects Nigerians groan as Meter Asset Provider fails under new Power Minister $9.6bn P&ID scam: 2 Britons arraigned in Abuja, remanded in prison custody Ex-Niger Delta agitators protest in Abuja Melaye, Adeyemi to battle for Kogi West Senatorial seat on November 16 — INEC

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (552,465 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,980 views) Shameless Genevieve Nnaji exposes breasts in public (395,722 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,195 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,549 views) 10 cars more expensive than Jets (266,527 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,409 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,796 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,328 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,490 views) Lagos plane crash: Journalist releases victims’ names (198,914 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (196,039 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,505) Business Verdict (85) Columnists (1,131) Complaints & Requests (97) Enterprise & Opportunities (218) Entertainment (693) Features (837) Global Business Monitor (471) ICT Monitor (66) International (4,103) Interview (205) Live Commentary (30) Love Matters (174) Maggie's Blog (452) News (52,941) Opinion (1,402) Pidgin (17) Politics (11,593) Religion (1,112) Sports (2,198) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera