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Home Business News

FIRS has just sealed these firms over tax debt

Fikayo Owoeye by Fikayo Owoeye
June 5, 2018
in Business News, Politics
FIRS to boost revenue collection as it launch new TIN system

Babatunde Fowler, Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS),

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The Federal Inland Revenue Service (FIRS) has sealed some companies for failure to pay their taxes.

According to Vanguard, the enforcement team of FIRS sealed Giandan Nigeria Limited over tax debts amounting to N47.779 million. It also sealed Justeen International Limited over N24.779 million tax debt.

Speaking on the sealed companies, Assistant Manager, Legal, FIRS, Ruth Mandeun, noted that the two companies clearly defaulted in paying their taxes and they are fully aware of the repercussions and assured that they will be reopened after they clear their debts.

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Recall that 19 firms were recently sealed by the tax agency over failure to fulfil their tax obligation.

Government desire to shore up its revenue base

With the dwindling revenue from crude oil, the government has restated its desire to generate more non-oil revenue to finance the capital projects in the budget.

In its bid to increase the revenue-base and also bring more people into the tax-system the Federal Government had at last year launched the Voluntary Assets and Income Declaration Scheme (VAIDS).

The amnesty window which originally lasted for 9 months and expired on March 31, 2018, has been extended until June 30, 2018.

The scheme seeks to provide a time-limited opportunity for tax-payers to regularize their tax status relating to previous tax periods and pay taxes due.

In exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers will benefit from forgiveness of overdue interests and penalties, and also an assurance they do not face criminal prosecution for tax-related offences and tax investigation.

It also seeks to improve the low tax to Gross Domestic Product (GDP) ratio currently about 6% to about 15% by 2020, broadening the Federal and State tax brackets.

According to the Chairman of FIRS, Babatunde Fowler, over $50million has been remitted since the commencement of the program. However, the target is to raise at least $1 billion from this ‘amnesty period’.


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Tags: Babatunde FowlerFederal Inland Revenue Service FIRSVAIDSVoluntary Assets and Income Declaration Scheme
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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