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Banks to Provide Lagos Tax Officials with Customer Information or Face Consequences

By on March 21, 2012

The Chairman of the Lagos Internal Revenue Service (LIRS), Mr. Tunde Fowler, recently disclosed that bankers who fail to provide the LIRS with information regarding bank accounts, bank statements of individuals and corporations in Lagos State will face strict consequences.

He said, “failure by a banker to render returns, books, documents and information on demand within seven days attracts a fine of N500, 000 for a corporate body and N50,000 for an individual, while failure by a banker to render information about a new customer within seven days attracts N500, 000 for corporate body and N50, 000 for an individual.

“Making incorrect returns attracts N20, 000, while false statement and returns attracts N50, 000 fine for an individual and imprisonment for six months. Equally, a false statement by a person in relation to tax payable or repayable attracts N10, 000 fine or imprisonment for not more than six months.”

This comes as the Special Adviser to Fashola on Taxation and Revenue, Mr. Bola Shodipo said, ““Those who do not pay taxes are enemies of the state. Lagos State will no longer tolerate tax defaulters. The state government would not grant any waiver or concession to anybody.”

The Lagos State government says 66% of Lagosians do not pay their tax. It estimated that only 2.7 million out of 8 million adults in the state pay their tax whilst 5.3 million do not.

 

One Comment

  1. Kay Soyemi (Esq)

    March 24, 2012 at 10:14 am

    Gov Fash is going on the bash! Someone needs to remind him that Lagos State is not Tinubu Estate. I don’t agree that people should avoid taxes as the average Nigerian would, however, I have a bigger objection to watching govt handover people’s hard earned monies in the form of taxes to private individuals as it is being done by Fash to Oju n’yobo in Lagos today. Fash is being disingenuous by collecting taxes and yet using concessions to fund projects. It still begs the questions of what happens to current taxes collected.