FIRS Moves to Deduct Taxes Straight From Bank Accounts

Acting Chairman of the Federal Inland Revenue Service (FIRS), Samuel Sunday Ogungbesan, in an attempt to increase government revenue from taxes has hinted that his agency would collaborate with financial institutions, particularly banks, to collect tax directly from corporate organisations and individuals through the Tax Identification Number (TIN), Guardian reports.
Corporate enterprises and individuals were issued Tax Identification Number (TIN) by the tax agency as at the end of December 2013, an indication that a great number of Nigerians are outside the country’s tax net.

The new FIRS boss, who unveiled his vision for tax administration in the country, said his goal was to enthrone a system that enable Nigerians to willingly and happily perform their tax obligations, saying the use of force was primitive and could be detrimental to the nation’s productivity.

He said the tax agency, under his leadership, will strive to enhance collaboration with banks for direct deduction of accruable tax from accounts of individuals, private and government agencies carrying out transactions like award of contracts or selling of property About 1, 487, 249.