• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

FIRS’ bank initiative discovers 55,000 tax defaulters

Fakoyejo Olalekan by Fakoyejo Olalekan
March 29, 2019
in Business News, Politics
BREAKING: FG's VAT charges on online transactions to commence, firs, Illegal Tax Deduction: FIRS to refund General Electric, Arco $2 million 

Chairman, FIRS, Tunde Fowler

Share on FacebookShare on TwitterShare on Linkedin

Thousands of Nigerians have been identified as tax defaulters by the Federal Inland Revenue Service (FIRS) through the bank accounts substitution initiative embarked upon by the agency earlier this year.

The number of tax defaulters: While speaking in Lagos at a stakeholders’ forum and the official presentation of the “Nigerian Tax Outlook 2019”, the FIRS Executive Chairman, Mr  Babatunde Fowler, disclosed that about 55,000 tax defaulters were discovered.

How FIRS achieved a record-breaking 2018

The tax regulator reported a record-breaking N5.3 trillion revenue in 2018. According to Fowler, the application of technology and other initiatives aided the performance.

RelatedStories

FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

July 7, 2025
FIRS, Tax

FIRS extends tax office operations to weekends in June 2025 

June 17, 2025

He also listed the Service’s tax amnesty and Voluntary Assets and Income Declaration Scheme (VAID) as factors that enabled the positive result the tax agency recorded for the year 2018.

“We had the tax amnesty in 2016 and we were able to generate N96 billion from people who had not declared or paid their taxes, there is also the VAID, which equally threw up declaration of N92 billion, we also organised the stakeholders meeting requesting all to come forward, register and pay their taxes.

“At the meeting, we were able to identify over 3,700 companies that have banking turnover of one billion and above annually for three years, with no tax ID and payments.

“We went further to the banking sector earlier this year to find businesses and operators of bank accounts with a N100 million turnover, but no tax identity.

“Surprisingly, we were able to discover 55,000 non-compliance and non-tax payers among us.”

Fowler Clarifies the crisis surrounding VAT

Nigeria’s Value Added Tax has been generating some heat in the past weeks after Fowler reportedly told the Senate Committee on Finance that one of the ways the Federal Government intends to fund the new minimum wage is to increase VAT. But the FIRS later denied that their Chief ever suggested any percentage increase.

Now, while speaking at the stakeholders’ forum, Fowler stated that VAT is for the good of the people and not created to cause hardship on Nigerians. According to him, VAT only affect those who earn a living and can afford to pay for their daily needs.

He even cited economies like UAE, Ghana, and Saudi Arabia who have suddenly become the toast of investors simply because their citizens were committed to tax payment.

“VAT simply means consumption tax. A lot of people have been saying VAT is a hardship on the poor but I say that it is a support to them.

“An increase in VAT would definitely translate to a better life to the vulnerable in the society including the poor, needy and less privileged.

“If you don’t have money to consume, VAT is not your problem, you first of all need to have the ability and disposable income to spend, before you can be charged VAT.”

“It is a source of revenue to the state governments, 85 per cent of the revenue collected from VAT is shared among the state governments, who are supposed to directly impact my life and yours.

“It is used to assist the needy, to provide free education, free health care, social services, etc. So, when we are talking about an increase, we are talking of more support to the needy.”

His statement comes after All Progressive Congress’ national leader, Bola Tinubu spoke against VAT increment.


Follow us for Breaking News and Market Intelligence.
Tags: Federal Inland Revenue Servicetax defaultersValue Added Tax
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 
Economy

FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

July 7, 2025
FIRS, Tax
Economy

FIRS extends tax office operations to weekends in June 2025 

June 17, 2025
Oyo State IGR performance hits N65.2 billion in 2024 – FIRS 
Economy

Oyo State IGR performance hits N65.2 billion in 2024 – FIRS 

May 26, 2025
FIRS, Tax
Legal & Regulations

FIRS seeks court’s dismissal of Binance’s application to vacate ex-parte order amid $79.5 billion tax lawsuit 

April 30, 2025
Over N10 trillion spent on refineries yet they don’t work, they’re better off sold – Taiwo Oyedele 
Economy

FG: Tax reform bill to exempt real estate transactions from VAT, boost housing affordability in Nigeria 

April 25, 2025
FG detains two Binance Executives over alleged FX manipulations  
Breaking News

FG seeks Court order for Binance to pay Nigeria $79 billion economic loss fine, $2 billion tax 

February 19, 2025
Next Post
BDCs get CBN, EFCC's backing against counterfeit notes

Travelex partners ABCON in bid to actualise $20bn diaspora remittances

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • FG seals partnership deal with UAE to train 7 million Nigerian youths in digital skills  
  • Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 
  • Lagos Govt announces plan for $400 million Waste-to-Energy plant in Epe 

Follow us on social media:

Recent News

FG seals partnership deal with UAE to train 7 million Nigerian youths in digital skills  

FG seals partnership deal with UAE to train 7 million Nigerian youths in digital skills  

July 10, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 

July 10, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics