A Series of Tax Relief Part 2

Welcome to the second part of this series.

Last week, we looked at some of the tax reliefs that have made available by the federal government to taxpayers to cushion the effects of the COVID-19 pandemic. However, various state governments have also made some tax reliefs available to taxpayers. Some of these tax reliefs available in various states include:

The Lagos State Internal Revenue Service (LIRS) has made the following tax reliefs and palliatives for taxpayers in the State:

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A Bird’s Eye View on the FIRS Suspension of Lien on Bank Accounts

About two weeks ago, a good number of corporate and individual business owners got the shock of their lives when most suddenly, they were served notices on their bank accounts. The accounts had been placed on a freeze on the instruction of the Federal Inland Revenue Service (FIRS) due to the lack of regularization of their tax status or some default on their part. Business owners had funds ranging from hundreds of thousands to millions and even billions stuck in their banks!

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