Tax Information Circulars: Paraphernalia of Aiding Tax Reporting and Compliance in the Nigerian Banking Sector

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Faculty of Law, Joseph Ayo Babalola University, Osun State


Under normal circumstances banks are not expected to disclose information concerning their affairs to the third parties. However in Nigeria every bank is required to give certain information and report even on their customers' affairs and banking transaction once it receives a notice to that effect from the Federal Board of Inland Revenue Service. the thrust of this paper therefore is to appraise the categories of instances where the law permit bank to reveal information concerning their customers. The paper further examines how tax information circulars can aid and accelerate the meeting of taxman demand by banks and the consequences for failure to do so. In the final analysis, the paper posits that tax information circular though not a law but qualifies as veritable paraphernalia for an administrative directive that can aid adequate tax reporting and compliance. To achieve the maximum use of the tax information circulars in this regard, the paper recommends among others for the use of simpler language in couching tax information circulars



Tax Information Circulars, Reporting, Compliance


Joseph Ayo Babalola Law Journal