FIRS puts 30-day hold on freezing of companies’ bank accounts

Nigeria’s tax office, the Federal Inland Revenue Service (FIRS) has announced a temporary suspension on plans to freeze bank accounts of tax defaulters.

The service, in a letter sighted by business a.m. and signed by Abiodun Aina, coordinating director, Domestic Taxes Group of the FIRS, said “the suspension has become imperative because of the large number of taxpayers visiting our office for reconciliation and as a result creating inconveniences to the tax payers when they have to wait a long while due to the high traffic of visiting tax payers to our office. Kindly treat as urgent.”

It however said that the suspension is for 30 days.

According to the letter dated 15th February 2019 and addressed to managing directors of all Nigerian banks titled, ‘Temporary suspension of lien on customers’ account’ with attention to compliance officers said, “The FIRS wishes to inform you that the lien placed on the accounts of our tax payers with your bank has been suspended for 30 days with immediate effect.”