FIRS to clamp down on tax defaulters in one week; targets N8trillion

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In a bid to meet its revenue target of N8 trillion for 2019, the Federal Inland Revenue Service (FIRS) is embarking on aggressive pursuit of defaulters to recover all unpaid taxes.

Therefore, it has sent warning to all businesses, agencies and individuals of all kinds and cadres that it will begin to clamp down on anyone found wanting in its statutory obligations from next week.

In a letter of notice released to the media, midweek, the tax agency threatened:

“The FIRS hereby informs all taxpayers (individuals, partnerships Enterprises, Corporate organisations, Ministries, Departments and Agencies) who are in default of payment of taxes arising from self-assessment, tax audit, tax investigation, transfer pricing audit, demand notices and any other liabilities, that the Service will commence a NATIONWIDE TAX ENFORCEMENT EXERCISE with a view to prosecuting defaulters and recovering all outstanding tax liabilities.”

According to the letter, the action is backed by the provisions of Section 8, 26 (2), 33 and 35 of the Federal Inland Revenue Service (Establishment Act, 2007).

The categories of taxes under scrutiny are:

1. Petroleum Profits Tax;

2. Companies Income Tax;

3. Value Added Tax;

4. Withholding Tax;

5. Tertiary Education Tax ;

6. NITDA Levy;

7. Stamp Duty;

8. Capital Gains Tax.

The FIRS is backed strongly by state forces. To avoid any embarrassment, defaulters are hereby advised to comply.

In 2018 Nigeria recorded its highest tax revenue of N5.3 trillion since existence as a nation. Meanwhile, the agency responsible for that historic feat, the FIRS under the leadership of Dr. Tunde Fowler, is looking to bring in N8 trillion in tax revenue this year by ensuring no organisation, enterprise, partner or individual is spared the obligation of paying tax.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

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