Daewoo Restates Commitment To Transperancy In Tax Administration

The management of Daewoo Engineering and Construction Nigeria limited, a multinational construction company currently working on the NLNG Train 7 in Bonny Island, Rivers State, has restated its commitment to transperancy and accountability in tax administration.
The company, which said this in a press release made available to newsmen in Port Harcourt, also clarified that the conflict over the issue of tax deduction at the site has been resolved in collaboration with the Rivers State Internal Revenue Service (RIRS).
According to the release signed by the Community Affairs and Security Manager of the company, Benard Ewubare, the clarification has become necessary inview of recent misunderstandings regarding tax deduction and clearance certificate.
The company added that the resolution was in line with the review carried out by the RIRS.
According to the release, “Daewoo Engineering and Construction Nigeria Limited (DECN) hereby announces that all matters concerning tax deductions at the NLNG Train 7 Project site have been fully clarified and conclusively resolved in cooperation with the Rivers State Internal Revenue Service (RIRS).
“Following recent misunderstandings regarding tax deductions and clearance certificates, DECN requested the RIRS to review and verify the company’s overall tax compliance.
“During the official review process, the RIRS confirmed the following key points”, the release stated.
It also said All Tax Identification Numbers (TINs) and Tax Clearance Certificates (TCCs) issued to DECN personnel are authentic, valid, and duly issued by the Rivers State Internal Revenue Service while, DECN’s tax deductions, remittances, and filings have been accurately and transparently executed in full compliance with Nigerian tax laws.
The company further added that there are no longer outstanding tax liabilities, discrepancies, or irregularities associated with it.
It further said that, “To ensure continued transparency and prevent future misunderstandings, DECN also conducted a short simulation demonstrating how employees can independently verify their tax information through the RIRS online platform.
“This practical step further reinforced confidence among workers and stakeholders regarding the company’s compliance and accountability.
“DECN extends its sincere appreciation to the Rivers State Internal Revenue Service, the Bonny Local Government Council, the Welders and Fitters Association, the media, and all stakeholders for their cooperation and support throughout this process.
“The company reaffirms that the tax matter has been completely resolved, confirming DECN’s strong commitment to transparency, due process, and sound corporate governance.
“DECN remains dedicated to maintaining a compliant, trustworthy, and productive working environment as it continues the successful delivery of the NLNG Train 7 Project”, it said.

By: John Bibor