Seyi Alade , Director, Legal Services, LIRS, gave the warning during a state-wide tax law enforcement exercise by LIRS in Lagos.
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Adeosun also disclosed that the Federal Government would strictly adhere to the confidentiality of the Automatic Exchange of Financial Account Information in Tax Matters, in line with the guidelines of the Organisation for Economic Cooperation and Development.
Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration of the Voluntary Assets and Income Declaration Scheme.
The FIRS Tax Controller, John Hamman, who spoke on the development in Asaba after the establishment carried out an enforcement operation on the defaulters, said the service under the law has the power to visit, assess the assets of the establishments and prosecute those that failed to comply with the rules governing taxation
The government is working hard to capture the other defaulting individuals and businesses into the net for proper collation