Economy
Tax Debt: LIRS Shuts 34 Companies for Tax Evasion
The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations for failing to remit taxes worth about N356.12 million to the Lagos State Government.
The LIRS said the affected companies failed to remit their employees’ Personal Income Taxes and Consumption Taxes by operators in the hospitality sector.
Mr Seyi Alade, Director, Legal Services, LIRS, disclosed this in a statement signed by Mrs Monsurat Amasa-Oyelude, Head, Corporate Communications, LIRS on Tuesday in Lagos.
Alade listed the companies to include NTS Nigeria Ltd., Med-In Hospital and Pharma Services Ltd., Danvic Petroleum Int’l Ltd., Business Intelligence Technology, Avaya Nigeria Ltd.
, Gladstone Tech Ltd., Courier Plus Services Ltd.,Also, Kurioucity Ltd., Medilag Ventures Ltd., Future Oilfields, and Seven Six & Ten Ltd. were affected.
He added that 23 hotels, restaurants, and event facilities were also closed for failure to deduct and remit consumption taxes.
These businesses, the LIRS legal head stated, were Blitz Suites & Hotel, Offshoroomz Hotel, God’s Grace Hotel, De Orange Place Ltd., De Santos Hotel, Kentade Hotel Ltd., Chamcee, Chelsea Suites.
Others are Falode Hotels, High Climax Hotel, Chez Moi Apartment, Excellence Hotel, Bereans Venture (Tantalizer Ebute Metta), La Avril Hotel & Suites, De Orange Place Ltd., Milaco Guest House, New World Inn, Model Motels Ltd.
In addition to the above are Rely Maritime Ltd, 4 Seasons Hotel, Dream Land Hotel, 343 North Restaurant and Lounge, and Jade Palace Chinese Restaurant.
Alade reported that the tax liabilities of these companies and hotels, which amounted to more than N356.12 million, have caused the Lagos State Government loss of revenue.
“The agency had previously reduced its enforcement activities to promote voluntary compliance by taxpayers.
“However, certain companies and hotels chose to engage in tax evasion.
“These companies deduct Personal Income taxes from their employees’ salaries at the end of each month, and charge consumption taxes on goods and services purchased by customers.
“Therefore, the renewed enforcement activities of the Service are targeted at such companies, restaurants, hotels, and event centres,” he said.
Alade emphasised the need for compliance in tax remittances to enable the state government carry out projects intended for the well-being of the vast populace resident in Lagos.
He reiterated that failure to file tax returns or engaging in any form of tax evasion were considered criminal offences that may result in financial penalties and, in some cases, custodial sentences upon conviction.
He added that the agency was currently prosecuting some high-net-worth individuals and companies that failed to file their returns.
According to him, the courts have issued bench warrants for some taxpayers in this category and three arrests have been made pursuant to these warrants.(NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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