Nigeria: FIRS is clamping down on tax defaulters – may seal off premises and arrest principal officers

ATL-Editor 9 December 2014

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FIRS is clamping down on tax defaulters – may seal off premises and arrest principal officers

In brief

In the past few weeks, the FIRS started to enforce filing of tax returnsA Tax Return is a formal statement filed by an individual or entity that details income, expenses, and other pertinent tax information to a tax authority. Its primary purpose is to assess tax liability, determine refunds owed, or highlight outstanding taxes due. Tax returns may include information about earnings, capital gains, allowable deductions, and credits, depending on the tax regulations... and payment of taxes by distraining property and procuring the arrest of principal officers of defaulting companies. This unconventional means of tax enforcement is as a result of the need to generate revenue in the light of dwindling oil revenue. There is however a big question as to whether this procedure follows due process.

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Categories: Africa, Nigeria, West Africa

ATL-Editor

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ATL-Editor 26 February 2015

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ATL-Editor 29 August 2014

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Cook Islands: FATCA’s impact – this paper applies to many other offshore centres

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ATL-Editor 27 April 2015

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Emerging Transfer Pricing Trends in Africa: Insights from Dr. Daniel Erasmus at the 13th Annual Africa TP Summit

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ATL-Editor 10 October 2024

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