Temitope
Temitope Akinola
The Federal Inland Revenue Service (FIRS) has resolved to deal with tax evaders in the country. The agency said on Friday that it would deny individuals and companies who fails to enrol for taxation access to banking facilities.
Speaking at a news briefing in Lagos, FIRS Chairman, Sunday Ogungbesan said out of about 440,000 companies in the country, only about 120,000 pay taxes. He said it was difficult to track down the financial activities of inactive firms.
According to him, FIRS is collaborating with the central bank to enforce compulsory registration of companies and individuals with the tax authority before they can access their bank accounts.
He said Tax identification numbers were introduced for corporate bank accounts since 2012 but some companies who have been operating before then are currently not obliged by banks to have one.
Ogungbesan said, there is a need to review the tax laws as they are not stringent enough to deter evaders.
- Reuters
Speaking at a news briefing in Lagos, FIRS Chairman, Sunday Ogungbesan said out of about 440,000 companies in the country, only about 120,000 pay taxes. He said it was difficult to track down the financial activities of inactive firms.
According to him, FIRS is collaborating with the central bank to enforce compulsory registration of companies and individuals with the tax authority before they can access their bank accounts.
He said Tax identification numbers were introduced for corporate bank accounts since 2012 but some companies who have been operating before then are currently not obliged by banks to have one.
Ogungbesan said, there is a need to review the tax laws as they are not stringent enough to deter evaders.
- Reuters
