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Freezing of Taxpayers Accounts by the Federal Inland Revenue Service and Nigerian Banks; Whether Condition Precedent is Met
The Federal Inland Revenue Service (FIRS) has been writing letters to banks appointing them as agents of collection of taxes from taxpayers who they presume to be in default of payment of taxes. The FIRS has gone as far as directing banks to set aside an amount in the sum of the purported tax allegedly in dispute to offset the purported tax liabilities from the accounts of the taxpayers. In addition to the above, the FIRS has instructed banks to place lien (Post no Debit) on the accounts of such taxpayers thereby preventing operations on their accounts.
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