2,000 homes in Abuja to be forfeited for not being declared for tax payment

FIRS collects N3.03 trillion revenue in 2016

Federal Inland Revenue Service (FIRS), has finalized plans to forfeit 2,000 private properties to the federal government, under the Voluntary Assets and Incomes Declaration (VAID) Scheme.

The properties in Abuja, belonging to some companies, were identified not to have been declared for tax payment.

The revenue agency chairman, Babatunde Fowler, who announced this at a media workshop on VAIDS in Abuja, said that courts orders will be secured to sell off the 2,000 properties.

The affected companies, according to him, will be paid the balance from the sale of the properties, after deducting the taxes payable on the forfeited properties.

In addition, Fowler said owners of the affected properties will be penalized for withholding taxes.

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