FIRS Directs Banks to Lift Lien on Tax Defaulters’ Accounts

FILE: From L-R Executive Chairman Federal Inland Revenue Service, FIRS, Tunde Fowler in a handshake with Inspector General of Police Muhammad Abubakar Adamu

FIRS Directs Banks to Lift Lien on Tax Defaulters’ Accounts

Nigeria’s revenue body has directed banks to unfreeze bank accounts of millionaire tax evaders with immediate effect.

Following their failure to pay their taxes, Federal Inland Revenue Service (FIRS) wrote letters to bankers, directing them freeze bank accounts of companies which have up to N100, 000, 000 turn over who have no Tax Identification number or who have numbers but don’t pay right taxes.

A statement from FIRS on Friday said the revenue body is lifting the lien:

“The Federal Inland Revenue Service (FIRS) has written to banks, directing them to lift the lien on tax defaulters’ bank accounts for 30 days. 

The directive, which takes immediate effect, was contained in a letter from the Chairman, FIRS, to bank Managing Directors. 

The FIRS explained that it issued the directive because of the large number of taxpayers, who have besieged itself offices in their bid to regularize their tax positions and the inconveniences they are going through”, said the statement

Although the Service implied that lifting the ban has no political colouration, there are speculations that the federal government may have prevailed on the the FIRS to lift the lien following far-reaching discontentment of citizens about the action which might affect the chances of the ruling party negatively in the impending elections.