The Federal Inland Revenue Service (FIRS) has again issued a public notice to remind companies of their obligations to file tax returns and to do so on time (within 6 months of financial year end date). Those that are in default for past years are also required to bring their filing up to date in all cases within 14 days from today. FIRS threatens to hold principal officers of defaulting companies personally liable which may include fines and imprisonment. See notice here: Download FIRS Piblic Notice on Tax Returns_March 2016

Also recently, the FIRS has been posting "non-compliance stickers" in the office premises of companies considered to be in default of timely filing of returns or payment of taxes. Such stickers may not be removed without the approval of the FIRS Chairman after such defaults have been rectified. See sample here: View this photo

It is important to pay special attention to tax matters now than ever before. FIRS is not only talking tough, they are likely to act tough. While one may question the legitimacy of these measures, it is perhaps less costly and more sensible to avoid getting into the Lion's Den than hoping to come out unscathed.

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