FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension (6438 Views)
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| FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Onyemadonald(m): 6:54am On Feb 22, 2019 |
The Federal Inland Revenue Service (FIRS) has generated over N23billion in unpaid taxes from the recently suspended substitution exercise on corporate bank accounts, marked by the imposition of restriction on the accounts of tax-defaulting organisations. The Chairman of FIRS, Mr Babatunde Fowler revealed this in Lagos yesterday at the Manufacturers Association of Nigeria (MAN) Interactive Forum on Tax Matters. He said the focus of exercise was 3,000 frims deducting Value Added Tax (VAT) and Withholding Tax (WHT) on behalf of the Federal Government without remitting such. He said the companies had no tax identification and therefore could not remit the deducted taxes to government, making them treat such deductions as part of their cash flow. Fowler stated that the suspension of the exercise for 30 days, announced last weekend, was occasioned by the deluge of corporate taxpayers visiting FIRS offices to regularise their tax affairs and make payments, a situation that stretched the service administratively, as it could not lift the lien on their accounts as quickly as it wished. Thus, the FIRS directed banks to lift restrictions on such accounts to allow affected tax companies regularise their tax status within 30 days and begin to make arrangements for the liquidation of their tax liabilities. According to the FIRS chief, the Service’s decision to restrict bank accounts of businesses, corporate organisations and partnerships with an annual banking turnover in excess of N1billion, but without tax identification, was announced at a stakeholders’ meeting last September. Fowler said: “Our position was that if you charge VAT, which is not your money; or deduct Withholding Tax from vendors and you have no tax identification, you cannot even pay tax to the FIRS because you can’t pay without tax identification. So these operators were defrauding the society and the nation by charging consumers VAT, by deducting Withholding Tax and not remitting on behalf of other taxpayers. We had over 3,000 of such and we said if they do not come forward, we’d follow the law and do what they call substitution. Service made some administrative errors, which made banks place restrictions on accounts of a few companies with tax identification. This, he explained, arose from wrong information from the banks. But restrictions on such, he added, were lifted within 24 hours in addition to tendering of formal apology to those impacted. SOURCE: https://www.trendingaccounting.com/2019/02/firs-gets-n23b-unpaid-tax-from.html 4 Likes 1 Share
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| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by shutto: 6:55am On Feb 22, 2019 |
Noted |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Soljaboi44(m): 6:56am On Feb 22, 2019 |
m |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by decatalyst(m): 7:00am On Feb 22, 2019 |
I beg, the end justifies the means! Only results matters! Well done Fowler. 13 Likes 2 Shares |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by dominique(f): 7:03am On Feb 22, 2019 |
Hope Tinubu's companies are paying taxes as well? I bet Atiku's schools and companies ain't paying taxes as well. Top government officials are the worst when it comes to tax evasion yet they impose stiffening taxes on struggling private businesses, so unfair I totally supoort taxing but it should apply to all and sundry. 21 Likes 2 Shares |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Racoon(m): 7:07am On Feb 22, 2019 |
Guess this will not still stop the APC government from borrowing or attempting to sell off national assets to fund budget, service debts, execute projects or even loot? |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Onyemadonald(m): 7:08am On Feb 22, 2019 |
dominique:Give this babe 3 dildos, she just spoke my mind. 2 Likes |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by IamHeWrites: 7:08am On Feb 22, 2019 |
dominique:  |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by MANNABBQGRILLS: 7:09am On Feb 22, 2019 |
Interesting times. Desperate times calls for desperate measures! Story of our nation! Great job Mr Fowler! 16 Likes 4 Shares
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| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by IamHeWrites: 7:09am On Feb 22, 2019 |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by MANNABBQGRILLS: 7:10am On Feb 22, 2019 |
Onyemadonald:Dildos kwa?! U be dat copy cat above?! We've noticed you o! 7 Likes 2 Shares
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| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by SamuelAnyawu(m): 7:12am On Feb 22, 2019 |
I dey vex when i see my Personal Income tax deduction. Money wey Kashim Shettima go just dey flex anyhow due to the high influx of Personal Income Tax.of over 10,000 NGO national staff salaries  |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by juvewalex(m): 7:14am On Feb 22, 2019 |
Onyemadonald:Wicked soul. Lol |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by theoldpretender(m): 7:14am On Feb 22, 2019 |
Racoon: N23 billion can't do much for us...not when the budget for education is about 900billion. We are going to take loans until oil jumps up to about $140 per barrel....whoever is in charge. 2 Likes 1 Share |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by crownwealth: 7:14am On Feb 22, 2019 |
Good work. President Atiku might retain Fowler after May 29th. 1 Like |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Speedyconnect15: 7:14am On Feb 22, 2019 |
Even small companies were restricted too oo. |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by crownwealth: 7:16am On Feb 22, 2019 |
dominique: You mean Alpha Beta among others... We need to check. |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by deji17: 7:17am On Feb 22, 2019 |
Sai Buhari Sai Baba 9 Likes 1 Share
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| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Parada: 7:19am On Feb 22, 2019 |
Disguise it anyhow you like even fools from Biafra know who loot Nigeria collective wealth from 1990 till date n can tell who clearly as completed more projects. Your eternal wailing bound to continue beyond 2023 can’t deny that fact. Racoon: 6 Likes 1 Share |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Born2smile: 7:22am On Feb 22, 2019 |
So these operators were defrauding the society and the nation by charging consumers VAT, by deducting Withholding Tax and not remitting on behalf of other taxpayers. We had over 3,000 of such and we said if they do not come forward, we’d follow the law and do what they call substitution. Everyday for the thief, one day for the owner. You deduct money as VAT and Withholding Tax yet, you refuse to remit the thing to federal government. Your case na strong one. By the way, we need software or app for people to monitor their VAT and Withholding tax deduction and remittance to the government. That will cut out these sharp practices. 8 Likes |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by zicoraads: 7:25am On Feb 22, 2019 |
decatalyst:The law and due process exist for a reason. The problem with this thought process (which unfortunately, most Buhari supporters have) is that one day, someone else will break or go around the law to achieve a result. That result may even be bad. And they would reference some other precedent that was set, and also quote a Machiavellian quote as justification. |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by jomoh: 7:32am On Feb 22, 2019 |
Way to go mr Fowler I read someone saying common man is the most affected. Help me ask that person is it common man that deduct VAT and withholding tax? 1 Like |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by Nobody: 7:35am On Feb 22, 2019 |
Download this nairalander's song http://www.naijapals.com/music/Searching_for_love_Xpol-89179 |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by tojahh(m): 7:43am On Feb 22, 2019 |
Thanks to the FIRS.! This was really an issue last year in the office when I demanded my TIN from the account department. Wrote several notes and memos including words of mouth because you can't be deducting more than 8k from my account as tax yet I don't get to monitor it. Company says, TIN not ready as we are charged on estimated reference (whatever that means). Now account has been freezed, salaries not paid, TIN Don show up, FIRS officials were at the office the other day and we were asked to lower our basic when asked, but alas they rather demand for the payslip of the drivers and office assistants. There and then............... Yawa gas. Way to go FIRS. Way to go! 11 Likes 2 Shares |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by kenben: 8:01am On Feb 22, 2019 |
crownwealth:I beg stop that rough play 1 Like |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by 9gerian: 8:23am On Feb 22, 2019 |
So how did this go eventually? Pls share tojahh: |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by aku626(m): 8:35am On Feb 22, 2019 |
They should generate from NNPC 1 Like |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by twilliamx(m): 8:39am On Feb 22, 2019 |
Very soon Nigerians will start forcefully demanding accountability because of taxes and also soon we will be able to fund our budget with taxes alone. 3 Likes 1 Share |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by sparko1(m): 8:52am On Feb 22, 2019 |
dominique:Trust me most Nigerians just want to make money off the government, why collect 5% vat and add to your service fee and eat every thing, that is stealing. We should learn to follow due process and forget about the Top government officials, if you are paid by the government, trust me they don't wait for the taxes, they deduct at point of payment. 3 Likes |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by urahara(m): 9:18am On Feb 22, 2019 |
theoldpretender: The problem is that oil may never rise to that amount. 1 Like |
| Re: FIRS Gets N23bn Unpaid Taxes From Corporate Firms After Accounts Suspension by grandstar(m): 10:38am On Feb 22, 2019 |
theoldpretender: What if these measures were taken: 1) Remove the fuel subsidy Government last year spent $3.85b on fuel subsidy which is about 1.3trillion Naira. Getting rid of it will raise revenue 2) Slash the size of the civil service. This should save about 500b. It is estimated that the service can still operate efficiently with a 40% cut in staff numbers. 3) Improve VAT collecting The IMF said that if VAT collecting could be improved from its present 25% to 50% about 0.5% of GDP in revenue can be raised 4) Selling off NNPC. This should net the government about $100billion and if invested could be yielding about 2-3% returns annually which is about a 800b Also cash calls contribution by the government will drop saving the government a tidy sum of money Also a privatised NNPC will now be transparent and remitting company profit taxes to the government All the above should lead to a balanced budget Anyway at this stage of development a balanced budget isn't paramount but rather low budget deficits as government needs money to build infrastructure and for other developmental needs 4 Likes 1 Share |
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