The searchlight of the Federal Inland Revenue Service (FIRS) is about to be beamed on billionaires.

The agency has vowed to go after the bank accounts of defaulting taxpayers who are raking in billions in Nigeria but are not paying taxes. 

FIRS Chairman, Tunde Fowler, in a statement on Sunday, September 9th disclosed that all banks in the country would do substitution on accounts for such identified taxpayers.  

“There are over 6,772 of such defaulting billionaire taxpayers being identified by the FIRS, leveraging on banks data,” Fowler said.  

He noted that most of such taxpayers, who have between N1b and N5 billion in their accounts have no Taxpayer Identification Number, TIN, or have TIN and have not filed any tax returns as taxpayers.  

“What we have done is what we call ‘substitution‘ which also is in our laws which empowers us to appoint the banks as collection agents for tax.

''So, all these ones of TIN and no pay and no TIN and no pay, to the total of 6,772 will have their accounts frozen or put under substitution pending when they come forward.''

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