The Nigerian Revenue Service (NRS) has issued a stern warning to companies evading tax obligations, saying defaulting businesses risk having their bank accounts frozen and facing substantial financial penalties as part of efforts to strengthen tax compliance.
The agency said it would intensify enforcement measures against corporate organisations that fail to meet their tax responsibilities, stressing that tax evasion undermines government revenue and hampers national development.
According to the NRS, companies that deliberately avoid paying taxes could face severe sanctions, including the freezing of their bank accounts and the imposition of hefty fines in line with existing tax laws.
The Service reiterated that paying taxes is a legal obligation for every eligible business and urged companies to regularise their tax records to avoid enforcement actions.
It further assured compliant taxpayers that the ongoing drive is aimed at promoting fairness, improving revenue generation, and ensuring that all businesses contribute their fair share to the country’s economic growth.
The NRS maintained that it would continue to deploy legal mechanisms to identify and sanction tax defaulters while encouraging voluntary compliance through increased taxpayer education and engagement.
