The Federal Inland Revenue Service, FIRS is set to dispose of the property of at least 52 companies over tax debts valued at about 3.4 billion naira.

According to a Punch report, the Legal Department of the Service had already begun the process to sell the properties in a bid to effectively implement the initiative.

It was learnt that apart from the 52 companies, ten other companies are still under investigation for tax evasion while enforcement action is expected to be carried out on another 10 companies in Lagos with a total tax value of 727.42 million naira.

The report said based on an investigation conducted by the FIRS, some private organisations that own properties in Nigeria had not been paying any form of taxes.

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Following this discovery, it was learnt that the agency took a review of all property that were under corporate ownership.

By law, where a company has not filed or paid any taxes, the tax authority used an estimated assessment based on the company’s turnover.

In order to ascertain the level of turnover, the FIRS wrote to commercial banks asking for details of the turnover of some of the affected companies.

The first letter to commercial banks from the FIRS, findings showed, was written in May last year.

The letter requested a list of companies, partnerships and enterprises with a banking turnover of 10 billion naira and above.

The move was aimed at ascertaining those companies that are compliant with the tax laws and those that are not.

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