More companies shut over tax default

Tunde Fowler

Tunde Fowler

In continuation of its efforts to arrest the growing incidence of non-remittance of Value Added Tax (VAT), the Federal Inland Revenue Service (FIRS) has sealed companies in Lagos, Abuja, Owerri and Kaduna.

Two of the affected companies belong to controversial investor, Mr. Jimoh Ibrahim.

In Lagos, the FIRS sealed the premises of Swift Networks, an internet provider, and Pan Ocean Oil Corporation Nigeria Limited, for failing to remit huge amounts in Value Added Tax ( VAT).

Swift Networks, which has its office on 31, Saka Tinubu Street, Victoria Island, Lagos, failed to remit N702 million to the government. It’s office was sealed by FIRS officials led by the Director of Enforcement, Emeka, Obiagwu .

Chief Operating Officer of Swift Networks, Chuma Okoye, pleaded that the company should not be shut down, but Obiagwu told him that his company should have complied with the laws governing business making in the country. Obiagwu added that FIRS has huge obligations to fulfill.

”Several notices have been served on the companies and I believe several moves were also made to compel the companies to remit their taxes. But most of these companies turn deaf ears; that is why we usually give them long rope,” he disclosed.

Okoye explained that his organization has started working on how to fulfil its obligations to government.

At the office of Pan Ocean Oil Corporation, the enforcement recorded some drama, …Read More

Source:: PM Newspaper