FIRS Intensifies Push To Get Rich Nigerians To Pay Tax
The federal government of Nigeria is unrelenting in its push to get rich Nigerians pay their fair share of tax.
The Federal Inland Revenue Agency says it is working with banks to retrieve names of their exclusive customers who have not been up to date with their tax payment.
Reports say the banks are about installing some technologies that will enable them to submit information on wealthy customers and other taxpayers to the Federal Government under the Common Reporting Standard programme, which Nigeria signed up to last August.
The CRS, an automatic exchange of information programme, is being driven by the Organisation for Economic Co-operation and Development, an intergovernmental body with 35-member countries.
As a matter of fact, the Federal Government has already directed the banks to release information on the income and assets of their customers, especially those of over 12,000 very rich individuals, who are either not paying taxes or have been underpaying.
You may recall that the federal government has granted tax amnesty to non-compliant tax payers.
That amnesty will expire in two months and this collaboration with the banks is in preparation for the government’s plan to enforce compliance by prosecuting the high net worth individuals who fail to settle their tax liabilities or commit to the gradual payment after the expiration of the tax amnesty on March 31.
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