Discrepancies Between Stated Earnings And Property Would Be Questioned – FIRS

Chairman of FIRS Babatunde Fowler

By Oladapo Okeowo

Nigerians who own houses valued at N50m, drive expensive cars but claim to earn far less than that per annum would be investigated by tax authorities.

This was disclosed by the chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, while a guest on Arise Television.

The tax boss said those whose lifestyles are obviously well and above the income they claim to earn would be getting visits from tax investigators to provide explanations for the discrepancy.

He said, “This country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it.

“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you afford the house, the car, the expensive suit and the wrist watch?

“These are the questions we are asking. So, we believe quite frankly that Nigerians can be law abiding.”

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