INVESTIGATION POWER OF THE FEDERAL INLAND REVENUE SERVICE (FIRS): AN OVERVIEW

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dc.contributor.authorAKINTOYE OLARIYIKE DAMOLA
dc.date.accessioned2023-08-11T09:45:14Z
dc.date.available2023-08-11T09:45:14Z
dc.date.issued2018
dc.description.abstractIntroduction In recent times, Government have come up with different legislative and operational measures to curb or control fiscal fraud. Under tax law, most countries have extended the investigative powers of tax authorities. In Nigeria, one of the means of extension of investigative power of the FIRS is the mandate given to bankers to give information upon demand by the Service, of the financial statement of the individuals and body corporate, and also the names and addresses of new customers of the bank. Section 28 (2) of the Act specifies that, for the purpose of obtaining information relative to taxation, the Service may give notice to any person including a person engaged in banking business in Nigeria to provide within the time stipulated in the notice, information including the name and address of any person specified in the notice. This provision of the Act which makes it compulsory for a banker to provide information to the Service has the objective of reinforcing the tax authorities’ investigative powers in the search for information at financial or banking institutions. Where banking information is required, the notice to the relevant bank must be signed by the Chairman of the Board. Section 48 of 2004 PITA requires a tax authority to disclose information in its possession and relating to an individual taxpayer, to another tax authority or the Joint Tax Board (JTB) if it is in the public Revenue interest to do so. Power of investigation is therefore one of the essential instrument of tax enforcement at the disposal of the Federal Inland Revenue Services.
dc.identifier.citationTOPICAL ISSUES ON NIGERIA TAX LAW AND RELATED AREAS
dc.identifier.isbn978-978-50251-2-5
dc.identifier.urihttps://kwasuspace.kwasu.edu.ng/handle/123456789/877
dc.language.isoen
dc.publisherCOLLEGE OF LAW , SALEM UNIVERSITY, LOKOJA. KOGI STATE
dc.relation.ispartofseriesVol 2
dc.titleINVESTIGATION POWER OF THE FEDERAL INLAND REVENUE SERVICE (FIRS): AN OVERVIEW
dc.typeBook chapter
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