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, Iyiola Omisore & 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.
The
FIRS had earlier 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.
