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FIRS cautions banks against non-remittance of tax revenue

By BusinessNews Staff on May 30, 2014

The Federal Inland Revenue Service has cautioned banks against non-remittance of tax revenue collected on behalf of the Federal Government.

The Acting Executive Chairman, FIRS, Alhaji Kabir Mashi, gave the warning during a taxpayers’ sensitisation workshop in Abuja on Wednesday.

He also urged companies that had adopted December 31 as their accounting year-end to file their returns before the end of next month.

A statement issued by the FIRS stated that while Mashi commended the banks for their roles in tax collection, he, however, appealed to them to promptly transfer the funds into the appropriate accounts.

Mashi, who was represented by the Director, Medium Tax Department, Mr. Peter Olayemi, said the FIRS was frequently collaborating with its stakeholders because of their importance in tax administration.

He said, “Permit me to use this opportunity to further appeal to our bankers to cultivate the habit of promptly remitting the taxes collected on behalf of the Service.

“This clarion call for prompt remittance is germane to achieving the aims and objectives of tax collection in particular and realisation of the transformation agenda of the Federal Republic of Nigeria in general.”

Mashi advised tax professionals on the need to put the interest of the nation first before their personal objectives, noting that this would help to develop the economy.

He said, “You are at the middle of the affairs that is between the FIRS and the taxpayers. Your timely advice in reminding your clients (taxpayers) of their obligations and letting them know the implications of non-compliance is key to the development of our tax system.

“We sincerely believe that as partners in progress, we can collectively work together to galvanise the economy by optimising the non-oil tax revenue through mutual understanding and collaboration.”

[Punch]

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