Sunday, 12 November 2017

Lagos to shut down headquarters of tax-defaulting companies

The Lagos state government has said it will shut down the corporate headquarters of organisations who have defaulted in remitting statutory taxes.

Akinyemi Ashade, the commissioner for finance, said the process will begin on Monday, November 20.

In a statement on Sunday, Ashade said some banks have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years.

“All law-abiding corporate organisations are advised to adhere to this directive as the state government has given enough grace period for them to remit their taxes.

“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,” Ashade said.

“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.”

The Lagos state government had last week directed all its revenue agencies to enforce tax payments.

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