…Hands 114 firms to AGF for prosecution
Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said that the agency has recovered total tax debts of N3.632billion from January 2017 to August 31, 2018.
Fowler disclosed this on Thursday at the African Union (AU) High-Level Panel on Illicit Financial Flows in Abuja, where he said that 114 companies have been handed over to Attorney General of the Federation’s office for prosecution.
Speaking on the issuance of tax notification obligation to Company Income Tax (CIT), non-compliant companies that own properties and identified non-filers for Abuja, Fowler stated FIRS issued 2,672 demand notices; 653 those now filing and N2.983 billion as total payments for demand notices for Abuja properties
The tax boss identified components of illicit financial flows (IFF) in Nigeria to include commercial activities which are illegal flows from business activities that lead to hiding wealth, evading or aggressively avoiding tax, and dodging customs duties and domestic levies.
He described corruption as money acquired through bribery and abuse of office by public officials, saying that they are enormous and can otherwise be used to further develop different beneficial projects to the society.
Fowler also identified that IFFs also occur through payments of expatriates’ staff emolument and remuneration and failure to declare for personal income tax purposes on such emoluments to the relevant tax authorities.
“While going through Abuja Geographic Information Service (AGIS), FIRS discovered hidden landed properties allocated to the companies but which no taxes had ever been paid.
However, when approached, the 114 companies denied that the properties did not belong to them.
The “114 companies claimed they were unaware of land allocated to them but AGIS has confirmed the ownership for all the cases referred to them and we will soon hand these cases over to the Attorney General on the way forward,” the FIRS boss added.