Economy
FIRS suspends freeze on taxpayers account
Federal inland Revenue Service has withdrawn its contentious freeze on tax payers bank account. The service in a letter dated 15th February 2019 addressed to Managing Directors of all Nigerian banks titled Temporary suspension of lien on customers account and attention compliance officers said “the suspension has become imperative because of the large number of taxpayers visiting our office for reconciliation and as a result creating inconveniences to the tax payers when they have to wait a long while due to the high traffic of visiting tax payers to our office. Kindly treat as urgent.” It however said that the suspension is for 30 days.
Federal Inland Revenue Services (FIRS) had written to banks to appoint them as collection agents of taxpayers considered to be in default of tax payments. In order to achieve this, the FIRS directed the relevant banks to freeze the accounts of the taxpayers to prevent them from drawing funds from the accounts.
KPMG had said that the letters of substitution issued to the banks breach the confidentiality agreement between banks and their clients. “Generally, a bank has a fiduciary obligation to maintain the confidentiality of its customers and their transactions, and to prevent third-party access to the customers’ account information”. The exceptions to this duty are in cases where the bank is required by law or a court of competent authority to make disclosure, and where the customer consents to the disclosure.
-
News2 days agoLagos, Kaduna, Oyo, FCT, Ogun top 2025 subnational ease of doing business report
-
Finance21 hours agoCBN confirms 82 BDCs fully licensed under revised guidelines
-
Economy21 hours agoBayelsa bans illegal mining activities
-
Uncategorized2 days agoLagos traders struggle, count their losses as styrofoam disappears in markets
-
Economy22 hours agoMiners kick against northern governors’ proposed ban on mining activities
-
News2 days agoCardano rises as midnight launch triggers rally
-
Uncategorized22 hours agoCentral bank body BIS raises concerns of gold and stocks double bubble
-
Uncategorized22 hours agoVisiting US lawmaker say rescue of 100 children a positive security step forward