Business
Tax Default: FIRS Clamps Down On Oil Firms
The Federal Inland Rev
enue Service (FIRS) has recovered N333 million from corporate tax payers in the oil and gas sector during its tax recovery drive in Lagos.
Reports say that the two-day exercise by the FIRS covered companies such as Baker Hughes, Line Trale, Techno Oil and Heyden Petroleum, all operating in the oil and gas industry.
When the team got to Baker Hughes, senior members of staff claimed that the managing director was not on seat but the Company Secretary, Mr Gbenga Biobaku, made a commitment of N50 million payments.
The company secretary promised to visit the FIRS office with the accounts team to reconcile what was left to be paid.
At the Line Trale Company, the story was the same as two senior members of staff claimed that the managing partners were not available.
They, however, did not resist going with the FIRS team on invitation to their office.
The Managing Director of Techno Oil, an industry services provider, Mr Tony Onyeama, made a commitment of N50 million after a heated argument on the real amount the company owed as tax.
He said he was not interested in paying the penalty or the interest, adding that he would only pay the principal amount, which still needed to be reviewed.
The tax recovery drive at Heyden Petroleum recorded some success as the company made a payment commitment of N15 million, which would come after the public holidays.
Meanwhile, the Director, Tax Department, FIRS, Mrs Olaitan Adediran, confirmed to The Tide source that one of the companies visited on tax recovery had made N148 million payment.
The director also confirmed that another company came in with a documented promise to pay N70 million after the holiday period.
She said that the enforcement drive yielded some positive responses because some of the companies had cause to sign payment agreements.
She noted that the enforcement exercise would be needless if companies complied to pay their taxes as and when due.
“If a company is filing its returns as at when due and paying its taxes on due dates, enforcement will not be necessary.
“Companies have obligations to file their returns on due dates; six months after the year ends and accounts have been prepared,” she said.
Reports say that defaulting company representatives who came to keep their appointments with the FIRS were counseled on how to comply with the regulations.
The FIRS also told them that as long as the tax liabilities remained unpaid, it would continue to attract penalty and interest.
Adediran promised that the tax recovery team would continue the exercise to ensure that government received what was due to it through taxes.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content

Business
Industry Leaders Defend Local Content, … Rally Behind NCDMB

Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP

-
Niger Delta7 hours ago
Adopt African System Against Crime, Don Urges Security Agencies
-
Rivers6 hours ago
Monarch Cautions Youths Against Illicit Drug Consumption
-
Opinion8 hours ago
Why Reduce Cut-Off Mark for C.O.E ?
-
News5 hours ago
Rivers Chief Judge Frees 21 Awaiting Trial Inmates
-
Politics7 hours ago
Alleged Money Laundering: Fayose Has No Case To Answer, Court Tells EFCC
-
Rivers6 hours ago
CDS Urges Communities To Protect Pipelines
-
Politics8 hours ago
Atiku’s Exit No Problem To PDP – Makinde
-
News4 hours ago
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute