LCCI faults freezing of ‘tax defaulters’ accounts’

Economy

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The Lagos Chamber of Commerce & Industry (LCCI) yesterday expressed concern over reports by  corporate bodies that their accounts were being frozen and debited by the Federal Inland Revenue Service (FIRS) on account of tax defaults. Its Director-General, Mr. Muda Yusuf,  in a statement,  said the FIRS derives its powers from section 31 of the FIRS Act that gave it powers to appoint collection agents for the recovery of tax payable by the taxpayer. Read also: Bring down the cost He said though LCCI is a strong proponent of regulatory compliance by private sector players it is however, important to note that tax administration should be in consonance with the basic tenets of the rule of law and the fundamental principles of a good tax system.

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