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Lagos chamber tasks tax agency over gagging of bank accounts

The Lagos Chamber of Commerce and Industry (LCCI), has countered the move by the Federal Inland Revenue Service (FIRS) to restrain bank accounts of some individuals and businesses over tax defaults.

The Director General of the LCCI, Mr. Muda Yusuf, said in Lagos that the Council of the LCCI, noted in a communiqué that the move would be counter-productive to other measures of the government aimed at promoting investments and financial inclusion.
 “Revenue generation is not an end in itself, it is a means to an end,” he said.
He noted that the ultimate objective is to ensure equity, improve welfare of citizens, create jobs and promote the advancement of the economy.
According to Yusuf, the activities of agencies of government should be in tandem with the Ease of Doing Business Agenda of government and the promotion of the ideals of the Economic Recovery and Growth Plan (ERGP).

Local media reports on Tuesday quoted Yusuf as saying that tax administration should be consistent with the principles of equity, fairness, legality, accountability and due process.

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