FG reveals what banks will do to accounts of tax defaulters - Saga Gist - Top Source for Nigeria News

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Friday, September 13

FG reveals what banks will do to accounts of tax defaulters




Federal Government has given a 30-day window to high profile tax defaulters to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent directly from their bank accounts to the Federal Government
The FIRS Executive Chairman, Tunde Fowler, dropped the hint on Thursday when he appeared as a guest on the Nigerian Television Authority (NTA) programme – Platform.
He said that banks have been instructed to “sweep the accounts of tax defaulters into the Federation Account after 30 days.”
According to Fowler, bank accounts of the identified defaulters have been put on lien.
The FIRS boss noted that since the bank lien on tax defaulters’ accounts was initiated 60 days ago, the Service has granted an additional 30 days – making it 90 days – for the defaulters to regularise their tax status.
He said the FIRS has written 23,000 letters to high-profile tax defaulters, whose names appeared on its list of defaulters.
Some of the letters, he said, have not been delivered because the addresses of the defaulters may have changed.
“The FIRS is determined because the Service is backed by law to sweep the equivalent of what such tax defaulters owe into the federation account.
“At the end of the 90 days, banks will be asked to sweep the tax owed into the Federation Account,” he warned.

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