We’ll Block Your Bank Accounts If You Don’t Pay Tax – FIRS

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.

Nigeria Bulletin

Share this article:
join our mailing list

Do you want more articles like this delivered to your inbox?

Join our mailing list to receive the latest news and articles.

PS: Your email WILL NOT BE SPAMMED. See our Privavcy Policy for detail.

Thank you for subscribing. You are now part of our mailing list.

Show/Hide Comments

0 thoughts on “We’ll Block Your Bank Accounts If You Don’t Pay Tax – FIRS

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

join our mailing list


Get all the latest and most popular news, tips, articles and information from our website delivered straight into your inbox.

Thank you for subscribing to our mailing list. You will now start recieving our periodic newsletter.

Powered byRapidology