Your Nigerian Bank Account Maybe Frozen By FIRS

Federal Inland Revenue Service (FIRS) has issued a warning that certain bank accounts will be frozen come January 2020 and failure to comply might be detrimental.

FIRS issued a notice to the general public on Sunday that a 30-day period of grace has been given taxpayers to obtain their 2020 tax clearance certificates starting from the 2nd of January next year being 2020.

FIRS Executive Chairman, Muhammad Nami, sent a notice to taxpayers which were personally signed by him.

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The Notice Read:

“Notice is hereby given that the Service has put in place machinery to issue 2020 TCC for all eligible taxpayers from 2nd January to 31st January 2020.

“The issuance of the TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011.

“Taxpayers are therefore encouraged to take advantage of this initiative and apply for their 2020 TCC as soon as possible.”

Federal Inland Revenue Service, FIRS, would not hesitate to use enforcement activities including the imposition of a lien on bank accounts of defaulting companies to recover any outstanding debts when discovered that the taxpayer had misled the agency in the area of tax compliance.

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Heard of TIN?

What does TIN mean? It means Tax Identification Number, this is a unique number that enables both individual(s) and corporate bodies to be recognized by the law as a registered taxpayer(s) in Nigeria.

Existing business(es) and(or) newly launched business(es) are required by the Nigerian tax law to be registered for tax purposes.

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This Tax Identification Number (TIN) is, therefore, a number that every business must-have for successful existence and operations of the business(es) in Nigeria For your new year not to go sour or spoilt by FIRS  you need to start registering your TIN and apply for 2020 TCC starting from now. The earlier the better!

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