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Tax › INCOME TAX EVASION

 December 22nd, 2015  | Tax

INCOME TAX EVASION

INCOME TAX EVASION

Income tax is the kind of tax that you pay in Nigeria if you are earning that is working within Nigeria it can be earnings of a company or just personal income that we call as salary or wages. Income tax Evasion and income tax avoidance are two different things in Nigeria. Avoiding income taxes is simply the practice of taking advantage of as many legitimate deductions and tax credits as you can in order to lower your tax liability. Evasion on the other hand is the an illegal act, call it criminal since its refusing or just not paying the income tax that you are liable to, to the Nigerian government. The Federal Inland Revenue Service (FIRS) has many tax agents who are very much dedicate d to the investigation and penalizing of tax payers who attempt income tax evasion.

Every year and sometimes months the agents from the Federal Inland Revenue Service (FIRS), tend to audit taxpayer s at random and produce audit reports to the management and heads of the Federal Inland Revenue Service (FIRS). Though, most audits are due to unusual activities when it comes to filing income tax returns. Certain actions that are done or transacted will definitely trigger the Federal Inland Revenue Service (FIRS) audit department. Transactions such as; deductions in proportions to earningsand too little income claimed by a person with a lot of assets.

You should remember that the rights that the rights that you have as a taxpayer, the right of representation. You should take advantage of this right and hire a lawyer if you are faced with major Federal Inland Revenue Service (FIRS) hitches concerning income taxes.

If you think that contacting Federal Inland Revenue Service (FIRS) is a great idea you should change that thought, it is not recommended that you contact the Federal Inland Revenue Service (FIRS) directly if you have been notified you have income tax problems. This is because they do not have your interest at heart. They are obviously considering the interest of the federal government and their personal career aspirations. They are notlikely to work things in your favor;they will instead tend to work in their favorand that of the federal government.

The Federal Inland Revenue Service (FIRS) are very serious with tax evasion, in that if you are found with this problem you will be find a heavy fine and even go to an extent of you serving time in jail. The Federal Inland Revenue Service (FIRS) can also charge you if you file your income tax returns. Under this charge the Federal Inland Revenue Service (FIRS) does not have to prove that you had an intent to evade your income taxes, they will only know that you did file false income tax returns, with this offense you can get fined and get jailed. The Federal Inland Revenue Service (FIRS) will also charge you with a fine for each year that you fail to file your income tax returns or imprison you if you fail to file an income tax return.

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