Tax: Lagos To Shut Defaulting Companies

The Lagos state Government on Sunday said it will commence the process of shutting down the corporate headquarters of organizations in the state who have defaulted in remitting statutory taxes to government from Monday, November 20, 2017

Akinyemi Ashade, the state’s Commissioner for Finance in a statement said, some banks have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years, stating that the government has resolved to result to all lawful means to ensure compliance with statutory tax remittances.

He warned that any company found to have evaded tax would not be spared, and that it is in the interest of defaulting companies and their management to remit the statutory taxes to the ttate within the grace period to avoid embarrassment.

“All law abiding corporate organizations are advised to adhere to this directive as the State Government has given enough grace period for them to remit their taxes.

Ashade said. “the Government will on Monday, November 20, commence the process of shutting down the headquarters of corporate organisations, including banks who have failed to remit statutory taxes to Government coffers. It is in the interest of companies who are yet to remit their taxes to do so on or before Monday,”

“Prompt payment of tax will enable the Government provide the necessary infrastructure and improve the standard of living of the people, but when people pay their taxes promptly, Government is encouraged to do more. The administration of Governor Akinwunmi Ambode has shown in the last two and half years that taxes paid are judiciously spent on projects that have impacted positively on the lives of Lagos citizens,” earlier reported that the Lagos state government had directed all its revenue agencies to ensure prompt payment of taxes including land use charges and also commence enforcement of payment by all tax defaulters with immediate effect.

  • Bright Bassey
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