The Central Bank of Nigeria just issued the guidline for Global Standing Instruction (GSI).
This platform is design to aggregate all your bank accounts including joints, children & investment accounts across all Nigerian banks and financial institutions.
This gives allow your lending bank to be repaid from any where your fund is saved.
Tax authorities will collaborate with CBN to use this platform in the foreseeable future.
Here are the lists of things they can possibly do with this platform.
- Many Taxpayers are fond of abandoning their companies by creating new ones to avoid tax liabilities already incurred on the old entity. This platform may bring out the buried companies.
- This platform will be a potent tool during tax audit and tax investigation to uncover previous understated revenue.
- Once FIRS appoints a bank as a tax agent, they may be able to go after the tax defaulters accounts in all banks.
- State Internal Revenue Services will be able to determine more accurately all income.
My advice is for you to make that move to regularise now.
The more you delay, the more expensive it becomes.
- Penalty & Interest at 29%.
- Late Return Penalty.
- Late Submission Penalty.
You must stop these extra charges from accruing NOW!
Kayode Okunola FCA.
“This platform will be a potent tool during tax audit and tax investigation to uncover previous understated revenue.” Very good info Sir! this will go a long way to defy corruptive practices in all sectors of the economy irrespective of the individual or organization involved. However, implementation has always been a key setback from our past and present experiences.