FIRS Probes Steel Company For Tax Evasion

The Federal Inland Revenue Service, FIRS, has begun probe into the operations of a steel group known as Parco Entreprises, after several notifications and meetings requesting the company to submit details of its financial records for tax audit were ignored.

The head, communications and liaison department, Wahab Gbadamosi, said the probe action is in line with its statutory mandate and the provisions of Sections 58 and 60 of the Companies Income Tax Act (Cap. 21 LFN 2004) and Sections 26 and 27 of the Federal Inland Revenue Service (Establishment) Act 2007 (FIRSEA).






     

     

    He said Parco Entreprises, Nigeria Limited, which has associated interests and companies in steel, fertilizer, chemicals, foundries and mines, with a trans-Nigerian reach, has deliberately evaded tax payment, which explains why it has constantly turned down requests for tax audit.

    Gbadamosi said deploying some of its latest audit tools to identify tax evaders, officers of the FIRS, carried out an enforcement on the company a little over a week ago at its office in Apapa, Lagos State, where its documents and accounting records have been retrieved.

    “One of such audit tools is the risk engine tool for identification of tax evaders or non-compliant taxpayers. Companies flagged by such tools are either subject to tax audit or tax investigation,” he explained.

    Consequently, the FIRS has advised taxpayers to ensure that they remain compliant as there is no place to hide for tax defaulters.

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