The Lagos Chamber of Commerce & Industry (LCCI) has yesterday expressed concern over reports by corporate bodies that their accounts were being frozen and debited by the Federal Inland Revenue Service (FIRS) because of tax defaults.

Its Director-General of LCCI, Mr. Muda Yusuf, in a statement, said the FIRS derives its powers from section 31 of the FIRS Act that gave it powers to appoint collection agents for the recovery of tax payable by the taxpayer.

He said though LCCI is a strong proponent of regulatory compliance by private sector players it is however, important to note that tax administration should be in consonance with the basic tenets of the rule of law and the fundamental principles of a good tax system.

He further noted that “Taxpayers should be given ample opportunity to defend their positions on tax matters before a lien is placed on their bank accounts. There are instances where company accounts were frozen in error because there was no proper engagement, documentation or communication with the tax payers.

SOURCE: https://www.trendingaccounting.com/2019/02/lcci-faults-freezing-of-tax-defaulters.html

Another attempt by the Dullard to kill the already struggling private sector

Buhari is just helpless now.... Someone that went to borrow money from pensioners account very stupid

While passing through the Abuja Airport road you will notice:

City gate built by IBB

National stadium built by OBJ

10-lane airport road by Yar'adua

Rehabilitation and expansion of the airport road done by GEJ

Giant size broom built by PMB
Vote wisely on saturday.

Slay people won’t comment on a thread like this because they don’t understand.

Ok

You go to court not debit their account

Laws allow for tax deferment

Not all items sold are really sold, some are returned. And not all excess cash left over is profit. You must calculate your expenses first. Etc. So you can't arbitrarily deduct people's account

When we say Buhari govt has killed investment in Nigeria people won't understand

Hmmmm. All to promote a cabal driven economy.

SalamRushdie:
Another attempt by the Dullard to kill the already struggling private sector

Are u normal?

Yankee101:
You go to court not debit their account

Laws allow for tax deferment

Not all items sold are really sold, some are returned. And not all excess cash left over is profit. You must calculate your expenses first. Etc. So you can't arbitrarily deduct people's account

When we say Buhari govt has killed investment in Nigeria people won't understand

Try it in America

mrvitalis:

Are u normal?

Oga this is above your brain grade so will not understand ..Go and read what the LCCI has said again ..

Debiting their account is wrong

Not good enough. Someone money cannot be in bank in peace again. How were they even able to determine the right amount to deduct for tax because they do not have an idea of what the funds are meant for. They deduct any amount they like..

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mrvitalis:

Try it in America

I live in America

I can defer my company taxes for years or reinvest it
I can make a payment arrangement of 4 years with the IRS
I can have deductions of past business losses from total tax due

Yankee101:


I live in America

I can defer my company taxes for years or reinvest it
I can make a payment arrangement of 4 years with the IRS
I can have deductions of past business losses from total tax due

When u go broke ...what happens when ur money is almost same as your owed tax

They froze ours unannounced. It caused a lot of issues for us.

mrvitalis:

Try it in America

Wesley Snipes was running all over the world looking for asylum and came even as far as Nigeria. He eventually had to go back to America to answer for his crime.

Did he murder someone or rob at gun point, no.

All he did was evade paying his taxes.

In Nigeria we abuse anyone attempting to enforce tax laws and reward defaulters with presidency, and other responsibilities. We pity the tax evaders because we see them as stealing from the government not from us. We then turn around to complain of bad roads, no good health system and low quality public education

They froze ours o...

Na sacking sure pass!

mrvitalis:

When u go broke ...what happens when ur money is almost same as your owed tax

You get demand letters, negotiated settlements, payment plans etc... If you don't act then garnishment takes place. Read about Mayweather asking them to wait to get paid after a future fight etc.

dante0147:
Buhari is just helpless now.... Someone that went to borrow money from pensioners account very stupid

Money with Pension Funds are supposed to be invested by the Pension Fund Custodians! They on their own invest it in Treasury Bills because it is safe and the return is good! Stop parading your ignorance on the internet!

Every agency of government is now operating their own laws. When you have a lawless leader who thrashes the concept of rule of law, this is what you get. All in a bid to make a political statement of achieving high tax revenues, just look at this kind of behavior and tell me if you were a fund manager in New York looking at emerging markets, will this Nigeria be your destination under this government?

damola1:
They froze ours o

Go and pay your taxes! You can't be complaining of poor infrastructure and not paying taxes that govt need to find infrastructure