Federal Inland Revenue Service (FIRS) has issued a notice on how it intends to recover unpaid tax from certain companies. These are companies that are yet to regularize their tax affairs despite the lien placed on their corporate bank accounts. The notice serves as a final reminder as FIRS raised a public alert earlier in March 2019. Concerned businesses have a grace period of 30 days; starting from 19 August 2019. The list of tax defaulters and the name of their bankers are accessible here. By this notice, FIRS wants to enforce the provisions of Section 31 of the FIRS Establishment Act and Section 49 of the Companies Income Tax Act to recover tax debts. When a company in does not comply within the specific period, FIRS will recover the outstanding sum from directors, managers, secretaries and other management staff of the organization.
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