Posted on July 5, 2018
Chairman of the Federal Inland Revenue Services (FIRS), Babatunde Fowler, yesterday disclosed that the list of chronic tax defaulters would be published before the end of this month.
Speaking on Wednesday after a session with the Federal Executive Council, he said the list of defaulters would be released by the middle of July. The Voluntary Assets Income Declaration Scheme (VAIDS) window closed on June 30 after a three-month extension from its initial March deadline.
“The update is that it expired June 30. And anyone who has not come forth by now we shall use all the legal means to make sure that we bring them to book and make sure that they pay the appropriate tax with interests and penalties,” he said.
“Well, the response has been very good. We are collating all the figures both at the federal levels and the state levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that has been paid and the amount that is going to be paid in installments.
“Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxations when you pay the same tax to different tiers of government.
“What we have found out is that a lot of people categorize any payment to the government as a tax. For example, if you receive fine, a penalty they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user charges and not taxes” he said. Fowler said that multiple taxation does not exist in Nigeria.
In May, the FIRS chairman had assured entrepreneurs that the national tax policy will address the issue of multiple taxation.
“The Joint Tax Board as a body is working together with the FIRS to harmonise tax collection from small businesses all over Nigeria.
“We have the national tax implementation committee working on the National Tax Policy to harmonies the taxes that are being paid in different states.
“It is going to address the issue of multiple taxaxation.
Meanwhile, the Central Bank of Nigeria (CBN) has renewed the mandate of the Board of Skye Bank for additional two years.
The board has Mr. M.K Ahmad and Tokunbo Abiru as its Chairman and Group Managing Director respectively. This was contained in a notice sent to the Nigerian Stock Exchange for the attention of regulators, shareholders and customers, signed by the Company Secretary/ General Counsel of the bank, Mr. Babatunde Osibodu.
On July 4 2016, the Central Bank of Nigeria (CBN) had intervened and reconstituted the Board of Directors of Skye Bank to pave the way for a new team to take charge of the affairs of the bank and resolve various issues that were hindering the optimal performance of the institution.
Accordingly, the apex bank gave the Board a clear mandate to turnaround the fortunes of the institution positively.