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FIRS Recover N29bn From Withholding Tax/VAT In 5 Months

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The management teams of the Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) say they     have recovered the sum of N29 billion withholding tax from banks and other financial institutions in the country between November 2017 and March 2018.

FIRS said the partnership will beam searchlights on defaulting taxpayers who also refused to rely on the Federal Government’s tax amnesty programme: Voluntary Assets and Income Declaration Scheme (VAIDS) to offset their tax liabilities.

At a meeting at the EFCC headquarters in Abuja, the Executive Chairman of FIRS, Tunde Fowler said Nigeria, just like other countries across the world, is looking inwards to raise the economic base and would not tolerate tax defaulters.

Fowler said: “There are some issues of non-remittance of Withholding Tax, Value Added Tax and Personal Income Tax. The EFCC has shown support before. When tax defaulters are invited to your office (EFCC), we see result. I don’t know how you do it but we see result. Recently, two banks came forward to comply on their own. I think that they must have heard words. We want the continued assistance of the EFCC, especially now.”

Acting Chairman of the EFCC, Ibrahim Magu, said the EFCC is ready to do more to bring culprits to book. Magu said: “People are in a hurry to collect taxes but are reluctant to remit them. It is very distressing. We may put a team together to ensure that whatever taxes collected by anybody is remitted and on time. I also want to congratulate you (FIRS) because of the change in the narrative. There is no doubt that there is a real improvement in our tax system.”



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