VAT defaulting companies’ CEOs, Chairmen face prosecution from Nov. 24, says FIRS boss

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The Executive Chairman of the Federal Inland Revenue Service, FIRS, Babatunde Fowler, has said that CEOs, chairmen and operators of companies that fail to submit their Value Added Tax returns, and pay the tax due will be prosecuted.

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Fowler stated this in an interview recently where he said penalty waiver granted tax defaulting companies has elapsed.

He said, “We have just granted a waiver of penalty and interest for three years – 2013, 2014 and 2015 – to make it easier for companies that are providing employment and producing within Nigeria to be law abiding by paying their taxes and also to be in full operation.

“Definitely, after the amnesty is over, on November 24, 2016, we will start charging chairmen, CEOs, financial controllers of these organizations to court in their personal capacity, especially when it comes to the area of Value Added Tax (VAT) because when a consumer pays VAT and instead of the organisations to send the money to government they decide to keep it, that is outright theft.”

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