If You Don’t File Your Company Tax Returns, FIRS Can’t Tax You Based on Assets! 🚫🏠
In FIRS v. Agromix Nig. Ltd (2024) 87 TLRN 1, the Court of Appeal asked:
“If a company fails to file returns, can FIRS use property value to fix tax?”
Answer: No, tax must be tied to profits or turnover.