By Alex C
The Federal Inland Revenue Service (FIRS) has given companies till June 30 2014 to file their tax returns or face sanctions.
Kabir Mashi, acting executive chairman of FIRS, who handed down this ultimatum at the taxpayers’ sensitization workshop in Lagos recently told companies that with December 31, 2013 as their accounting year-end, companies have up to June 30, 2014 to comply with their tax obligations.
With the rebased GDP which now elevates Nigeria’s economic size to $510 billion, the tax to GDP ratio has dropped drastically to 12 percent, putting government and the FIRS under pressure to expand the nation’s tax net.
Mashi urged other tax professionals to help the service on this tax drive by helping to educate the public.
Speaking on taxpayers’ rights and obligations, Salami Moshood, tax controller, medium tax office (MTO), Lagos Mainland, stated that some of the taxpayers’ rights must be observed by the FIRS for effective compliance.
Among taxpayers’ rights for effective compliance includes right tax information, right of confidentiality, secrecy and privacy, right to be treated with respect and dignity, right to self assessment, right to choose and appoint tax representatives/consultants and right to be granted refund for excess payment of taxes by taxpayers.
Other taxpayers’ rights include the right to objection and appeal to tax assessment and right to be issued tax clearance certificate (TCC).
On the obligations of the taxpayers, the tax controller pointed out that sincerity to the tax authorities as regards filing of returns and payment of taxes, keeping accounting books and records of business, registration as taxpayers and receiving the Taxpayer Identification Number (TIN), filing of tax returns and payment of taxes, timely response to tax query and cooperating with tax audit and tax investigation team must be observed by the taxpayers.
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