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Nigeria Holding Directors and Other Management Personally Liable for Company Tax Debts

23 August 2019

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Approved Changes

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Nigeria

On 19 August 2019 Nigeria's Federal Inland Revenue Service (FIRS) issued a notice that directors and other management of companies with outstanding tax debts will be held personally liable if not resolved within 30 days. The text of the notice reportedly includes the following: This is to notify all companies, which had their bank accounts placed under lien by the Federal Inland Revenue Service pursuant to Section 31 of the Federal Inland Revenue Service Establishment (FIRSE) Act, but are yet to regularize their tax status with the FIRS, that if they fail, refuse or neglect to pay the tax due...