The Federal Inland Revenue Service (FIRS) has published a list of tax defaulters with their different bank accounts it placed under lien for owing taxes. The revenue agency listed not less than 19,901 accounts that were yet to regularize their tax status.
Some of the accounts published belong to Citiroof Aluminium Co. Ltd, Coldstone Creamery Limited (Yaba), Davido Music Worldwide Ltd, Grand Square Supermarket and Stores Ltd, IyiolaOmisore & Par, Open Heavens Bliss Enterprises and The Assemblies of God Nigeria.
Also listed are X3M Music Limited, Tiger Foods Limited, Slot Enterprises, Payporte Technology Limited, Visionscape Sanitation Solutions Limited, Erisco Foods Limited Milk Cube account, God is Good Motors (Vehicle sales account), Hubmart Stores Limited, Obasanjo Farms Nig. Ltd (Feedmill), United Capital Plc, amongst others.
What this means: The tax regulator placed the bank accounts under lien as a result of the failure of the owners to regularize their tax status.
To place a lien on the bank accounts simply means the owners of the accounts may not withdraw or transfer funds from their bank accounts.
Nairametricshadreported that the FIRS had given a 30-day ultimatum to those whose bank accounts were published to regularise their tax status. In the event of non-compliance, the tax regulator stated that it would recover the tax liabilities from directors, managers, secretaries and other management staff of such companies.
Why this matters: The FIRS is committed to recovering unpaid taxes from defaulters in order to boost government’s revenues. It of common knowledge that paid taxes contribute significantly to government’s revenues. These taxes leverage the government’s plan to foster social infrastructure to the benefit of the masses.