LCCI Faults Freezing Of ‘tax Defaulters’ Bank Accounts’ By FIRS

The Lagos Chamber of Commerce & Industry (LCCI) has yesterday expressed concern over reports by corporate bodies that their accounts were being frozen and debited by the Federal Inland Revenue Service (FIRS) because of tax defaults.

Its Director-General of LCCI, Mr. Muda Yusuf, in a statement, said the FIRS derives its powers from section 31 of the FIRS Act that gave it powers to appoint collection agents for the recovery of tax payable by the taxpayer.

He said though LCCI is a strong proponent of regulatory compliance by private sector players it is, however, important to note that tax administration should be in consonance with the basic tenets of the rule of law and the fundamental principles of a good tax system.

He further noted that “Taxpayers should be given ample opportunity to defend their positions on tax matters before a lien is placed on their bank accounts. There are instances where company accounts were frozen in error because there was no proper engagement, documentation or communication with the taxpayers.

SOURCE: https://www.trendingaccounting.com/2019/02/lcci-faults-freezing-of-tax-defaulters.html

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