Share

Nigeria gets tough on tax evasion

Lagos - Nigeria's Federal Inland Revenue Service (FIRS) said on it would crack down on tax evaders by denying access to banking facilities for individuals and companies that failed to join its register.

FIRS chairperson Sunday Ogungbesan told a news briefing in Lagos there were more more than 440 000 companies in the country, which has Africa's biggest economy, but only about 120 000 paid taxes.

Ogungbesan said it was difficult to track the financial activities of those who did not pay taxes, most of whom said their firms were not active.

"We are collaborating with the central bank to enforce compulsory registration with the tax authority by companies and individuals before they can access their bank accounts," said Ogungbesan.

Tax identification numbers were introduced for corporate bank accounts in 2012 but some firms whose accounts pre-date the the system are currently not obliged to have one.

President Muhammadu Buhari, who took office two months ago, was elected in March after vowing to crack down on corruption.

"There is a need to review our tax laws," said Ogungbesan, adding they were not stringent enough to deter evaders.

Tax evasion can be punished with up to five years in prison.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders