Lagos State to Seize Unpaid Taxes from Banks and Third Parties Under New Law
The Lagos State Internal Revenue Service (LIRS) is set to utilize its legal authority under the Nigeria Tax Administration Act (NTAA) to recover unpaid taxes by seizing funds from banks and third parties. This initiative follows the implementation of the NTAA by the federal government.
LIRS will issue substitute notices to defaulting taxpayers who fail to settle their tax liabilities promptly. These notices will also be served on a wide range of third parties connected to the defaulting taxpayers, requiring them to remit specific amounts to LIRS on behalf of the defaulters.
Failure to comply with these notices will result in legal consequences. This enforcement action is part of Nigeria's new tax reform framework, with the federal government already implementing four new tax laws since January.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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