{"id":51633,"date":"2021-08-27T11:00:13","date_gmt":"2021-08-27T10:00:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=51633"},"modified":"2021-08-27T11:00:13","modified_gmt":"2021-08-27T10:00:13","slug":"naccima-seeks-suspension-of-firs-tax-practice-direction","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/naccima-seeks-suspension-of-firs-tax-practice-direction\/","title":{"rendered":"NACCIMA Seeks Suspension of FIRS Tax Practice Direction"},"content":{"rendered":"<p>The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called for the suspension of the Federal Inland Revenue Service (FIRS) tax appeal practice direction pending its revision.<\/p>\n<p>The association made the call in a statement signed by its Director-General, Amb. Ayoola Olukanni, following its resolution at its 3rd Council Meeting in Akure on Thursday.<\/p>\n<p>According to the statement,\u00a0if the tax practice direction, which compels companies to pay 50 percent of\u00a0the assessed tax to FIRS before any appeal to contest the assessment is allowed to proceed, most businesses in the private sector will practically\u00a0collapse.<\/p>\n<p>\u201cFeelers from the organised private sector indicate that many businesses have been\u00a0struggling to survive an unfriendly business environment which has been made even more difficult due to the COVID-19 pandemic.<\/p>\n<p>\u201cThe council is convinced that Micro Small and Medium-sized Enterprises (MSMEs) which are currently the bedrock of the economy and provide most of the employment will certainly be most hard hit and cannot survive the implementation of practice direction.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>\u201cSome of its provisions require enforcement and forfeiture of immovable property, freezing of a taxpayer\u2019s bank account and sealing of their premises.<\/p>\n<p>\u201cWith such action, many of them will go under and collapse under the weight of these provisions of the FIRS\u00a0practice direction.<\/p>\n<p>\u201cThe council, therefore, calls for immediate suspension of its implementation to enable a robust\u00a0stakeholders\u2019 engagement with the relevant authorities for a revision of the tax practice direction and other onerous tax matters. nan.\u201d<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called for the suspension of the Federal Inland Revenue Service (FIRS) tax appeal practice direction pending its revision.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":46191,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1241],"coauthors":[2391],"class_list":["post-51633","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-naccima"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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