Two days ago, the Federal Inland Revenue Service (FIRS) by a Public Notice, informed all taxpayers that it will commence a Nationwide Tax Enforcement Exercise with a view to prosecuting defaulters and recovering all outstanding tax liabilities aka FIRS will sue you and collect its taxes from you.
‘Taxpayers’ in this Public Notice means all: (i) individuals; (ii) Partnerships; (iii) Enterprises; (iv) Corporate Organisations; (v) Ministries; (vi) Departments; and (viii) Agencies who are defaulting in payment of taxes from any of the following means: self-assessment, tax audit, tax investigation, transfer pricing audit, demand notices, etc.
The FIRS derives its authority to issue this Public Notice from the provisions of Section 8, 26(2), 33 and 35 of the FIRS (Establishment) Act.
The taxes that this Public Notice applies to are your friendly neighborhood taxes: Petroleum Profits Tax, Companies Income Tax, Value Added Tax, Witholding Tax, Tertiary Education Tax, NITDA Levy, Stamp Duty and Capital Gains Tax.
Lastly, the FIRS advised all Taxpayers that in the spirit of Christmas and Giving, all their tax liabilities should be settled within 7 days of the Public Notice. This way, everyone dances into Christmas and the New Year without the debt of the tax authorities hanging over their heads!
What this Means in English
Pay all your outstanding taxes as listed above before FIRS descends on you! Also, try to pay before Christmas. The FIRS wants your taxes for Christmas! Try not to default into 2020. ✌🏾