FIRS, EFCC recover N29b in VAT in 5-month - Welcome to Uju Ayalogu's Blog

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Wednesday, 11 April 2018

FIRS, EFCC recover N29b in VAT in 5-month

FIRS, EFCC recover N29b in VAT in 5-month

The Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) have jointly recovered N29 billion Withholding Tax and Value Added Tax from banks and other financial institutions in the from November 2017 to March 2018.

The two agencies have also strategized to go after individuals and organisations who refuse to pay the right taxes, following the expiration of the Voluntary Assets and Income Declaration Scheme (VAIDS).

At a meeting in Abuja on Tuesday at the EFCC headquarters, 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. The FIRS Executive Chairman was at the EFCC headquarters on a courtesy visit.

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Said Fowler: “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 joint assistance with the EFCC, especially now that VAIDS is over, to make sure that all tax defaulters get the lawful treatment.

“I want to let every taxable person in Nigeria know that we are ready to deploy all powers within our disposal to ensure that every tax defaulter is punished according to the law”.

The 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.

We will collaborate. We had done this in the past when we had a joint training in Kaduna. We will make sure that we do anything you ask us to do as far as it is lawful “, he said.

The EFCC boss urged every Nigerian to join in the fight against corruption, saying everyone has a role to play.

“Everyone has the responsibility to fight corruption. You may not do it the way Magu does his own. the best approach is for us to agree that corruption is bad”, he said.

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