N254 billion in Tax Liabilities still Owed by Defaulters– FIRS
Not less than 23,141 defaulters are owing tax liabilities totaling N254 billion. This is according to the Federal Inland Revenue Service (FIRS).
Disclosing this at the 49th Annual Accountant Conference in Abuja, the agency’s Executive Chairman, Babatunde Fowler, said the FIRS has recovered over N97.7 billion from tax defaulters since banks placed restrictions on bank accounts of the defaulters.
“As of today, there are a total of 23,141 tax defaulters who are yet to come forward to clear their outstanding liabilities of about N254bn. The FIRS in collaboration with the banks has started engaging in compliance measures with regard to the tax defaulters and their accounts”, Fowler said.
The FIRS boss, however, gave a stern warning to tax defaulters who are yet to fulfill their debt to quickly do so. Fowler added that “failure to carry out this directive will result in the banks being sanctioned according to Section 31 subsection 1-3 and 32 respectively of the FIRS Act 2007.”
Prior to this development, the FIRS had published a list of tax defaulters with their different bank accounts it placed under lien for owing taxes. The revenue agency listed not less than 19,901 accounts that were yet to regularize their tax status.
Some of the accounts published belong to Citiroof Aluminium Co. Ltd, Coldstone Creamery Limited (Yaba), Davido Music Worldwide Ltd, Grand Square Supermarket and Stores Ltd, Iyiola Omisore & Par, Open Heavens Bliss Enterprises and The Assemblies of God Nigeria.
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Also listed are X3M Music Limited, Tiger Foods Limited, Slot Enterprises, Payporte Technology Limited, Visionscape Sanitation Solutions Limited, Erisco Foods Limited Milk Cube account, God is Good Motors (Vehicle sales account), Hubmart Stores Limited, Obasanjo Farms Nig. Ltd (Feedmill), United Capital Plc, amongst others.
The tax regulator placed the bank accounts under lien as a result of the failure of the owners to regularize their tax status.
To place a lien on the bank accounts simply means the owners of the accounts may not withdraw or transfer funds from their bank accounts.