Again, FIRS Shuts Several Companies Over ₦1.90 Billion tax Debts

About eight companies in Lagos, Benin, and Abuja were earlier this week shut down by the Federal Inland Revenue Service (FIRS) over tax evasion. The companies are owing a total of N1.90 billion.

The coordinated operation began on Monday with the closure of Enabled Business Solutions Limited which is located in Lekki, Lagos. The company is reportedly owing the FIRS about N32.7 million.

Other companies that were shut on Monday are Topoyz Lodge Limited and  Gennex Technologies Limited. The companies are owing N24.213 million and N80.117 respectively.

The operation continued on Tuesday with the closure of three additional companies. These include the Nigerian Petroleum Development Company Limited (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) which is located in Benin City. The company is owing about N5.463 billion.

Other companies that were affected during Tuesday’s operation are the offices of Pinehill Limited (N17.90 million), and Livingproof Limited which owes N20.306 million.n Wednesday, more companies were affected by the operation, including Broadview Engineering Limited which owes N35 million in taxes and Matbeny Holdings Limited, which is liable to the tune of N26.187 million.

The premises of Repton Nigeria Limited was also sealed off. The company has the biggest tax liability with N851.653 million.

This is not the first time this is happening this year… 

As we reported not long ago, the Federal Inland Revenue Service close down several companies including HITV Limited and UTC Nigeria Limited. The Chief Executive officers (CEOs) of the affected companies were also arrested. The FIRS had also in June sealed off more firms over tax-related offences.

Back in April, the FIRS had also closed about 19 companies in three states of the Federation, namely Lagos, Rivers, and Delta.

Recall that the Federal Government had last year launched the Voluntary Assets and Income Declaration Scheme (VAIDS), an amnesty window which originally lasted for 9 months (expired on March 31), and was later extended till June 30. In June, the Chairman of the FIRS, Tunde Fowler stated that the programme had yielded positive results, even as they recovered N30 billion in 11 months thanks to VAIDS.