Residents of Oyo state trying to evade tax may soon go to jail and forfeit assets, warns the government.
Olufemi Awakan, the executive chairman of the Oyo State Board of Internal Revenue, disclosed in a statement that it was time to clear all the backlog of tax payments.
“It is also time we ensure residents of the state fulfil their civic responsibilities and obligations to the state. The payment of taxes and levies are not optional, as stated in Section 24 of the Constitution of the Federal Republic of Nigeria,” he explained.
Mr Awakan stated that it was important that every citizen who earned an income pay the correct amount of taxes.
“Payment of taxes is not a punishment by the government against citizens, but a compulsory obligation by all citizens to the government.
“Tax obligations are governed by several laws, primarily the Federal Inland Revenue Act, Personal Income Tax Act (2011) amended, and various state tax laws which must be obeyed,” he added.
Mr Awakan pointed out that some forms of punishment were available for tax evaders.
“Serious cases of tax evasion can lead to criminal charges. Convictions may result in imprisonment, fines, or both, depending on the severity of the offence.
“The tax authorities have the power to assess and determine the tax owed if an individual or business does not file returns or pay taxes. This can lead to additional penalties like fines and interests.
“Also, the government can seize assets or bank accounts of individuals or businesses that fail to comply with tax obligations,” the tax official warned.
Mr Awakan also warned that business organs that neglect their tax obligations may face difficulties renewing licences or permits necessary for operation.
“Tax authorities can take legal action to recover unpaid taxes, which may involve court proceedings,” he stressed. “Non-compliance with tax laws can lead to reputational harm, affecting relationships with clients, customers and business partners.”
(NAN)
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