The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on which taxes were not being paid. Fowler disclosed this in Lagos at a stakeholders’ meeting, where he noted that the country still had one of the lowest tax revenue to Gross Domestic Product ratios in the world.
He said the FIRS generated a total of N3.5tn from taxes between January and August this year, more than N1tn higher than the revenue for the same period of 2017.
Fowler stated that the FIRS carried out an exercise about a year ago regarding properties, adding, “We started at home in the Federal Capital Territory, and we established over 2,000 properties and land that were built or developed in corporate names and limited liability companies.
The value of these properties is in excess of N2tn, and they (the owners) have never paid any taxes for them. We have contacted them and sent them our assessments.
A number of them are paying. “But for those that have owners that are not paying, we will go to court to get the approval or court order to sell those properties. We are not only doing that in Abuja. We have concluded in Lagos; we are currently going to Osun, Oyo, Kaduna; and eventually, we will cover the whole federation.”
(Punch)
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