Tax default: FIRS targets bank accounts of 6,772 billionaires

The Federal Inland Revenue Service (FIRS), has said it will soon go after the bank accounts of some 6772 billionaires not currently paying taxes.

He said the identified defaulting taxpayers are raking in billions in Nigeria and are not paying their taxes.

In doing that, FIRS said it will through all banks in the country, do substitution on accounts for such identified taxpayers.

He said there were over 6772 of such defaulting billionaire taxpayers who have been identified by the FIRS.

A statement from FIRS said Mr. Fowler disclosed this at a stakeholders’ meeting in Lagos, noting that “most of such taxpayers, who have between N1 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 the total of 6772 will have their accounts frozen or put under substitution pending when they come forward” Mr. Fowler is quoted to have said.