Tax Drive To Intensify Nationwide …As FIRS Issues Ultimatum
There are indications that the Federal and state governments will soon embark on aggressive tax drive to increase their internally generated revenue profile.
Already the Federal Inland Revenue Service (FIRS) has served a seven-day notice to tax defaulters across the country, while banks are reportedly expected to process banking transactions for persons with Tax Identification Number (TIN) with effect from January 2, 2020..
The Head, Communications and Servicom Department, Mr Wahab Gbadamosi,in a statement in Abuja, said the Acting Executive Chairman of FIRS, Mr Abiodun Aina, announced this in a notification letter to taxpayers on Tuesday.
He stated that Aina informed defaulters of the plan by the service to begin tax enforcement against them should they continue to fail in fulfilling their tax obligations.
The spokesperson said the acting executive chairman advised such taxpayers to settle their tax liabilities within seven days of the notice to avoid any inconvenience or interruptions in their operations.
He quoted Aina as saying “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 to pay.
“The Service will commence a nationwide tax enforcement exercise from Dec. 18, 2019 with a view to prosecuting defaulters and recovering all outstanding tax liabilities.The enforcement is pursuant to the provisions of Sections 8, 26 (2), 33 and 35 of the FIRS establishment Act, 2007.
“The taxes referred to are as follows: Petroleum Profits Tax, Companies Income Tax, Value Added Tax, Withholding Tax, Tertiary Education Tax, NITDA Levy, Stamp Duty and Capital Gains Tax,” he explained.