BUA Industries Limited has been given a seven-day deadline by the Nigerian government, via the Federal Inland Revenue Service (FIRS), to submit and produce specific tax documents.
The news follows weeks after BUA Cement PLC made headlines for announcing that the price of their cement would drop from approximately N5,000 per bag to N3,500.
The corporation had declared that on Monday, October 2, 2023, the new pricing structure would go into effect.
In a recent development, nevertheless, the FIRS has demanded that the business make amends with the government or pay N198.7 billion to cover the N198.7 billion in unpaid income tax and VAT liabilities.
Anaedoonline.ng discovered that the stated tax obligation pertains to the year 2022.
The Bar Beach Micro and Small Tax Office wrote to the Managing Director of BUA Industries Limited, referencing reference number BBMSTO/RPP/22380531-0001. The letter stated that if the company did not supply the requested documents, the service would be forced to compute the attached tax using Section 18 of the VATA and Section 65 (1) of the CITA.
The letter titled: “BUA Industries Limited Non-Compliance To Income Tax Laws And Vat Returns Remittance,” as obtained by journalists on Thursday, stated that “after the expiration of the seven-day ultimatum, the service will translate the tax computation into tax liability and raise as computed and attached assessment without further recourse to you.”
“We refer to our non-compliance letters that were dispatched and duly acknowledged by the company on 23 March 2023 (1 letter) 9 May 2023 (2 letter), 29 August 2023 (3 letter) and the minute of reconciliation meeting held on 30 August 2023.
“Kindly note that your failure to provide the documents requested have left the service with no other option than to apply the provisions of Section 65 (1) of CITA and Section 18 of the VATA to compute Tax as per attached.
“You are hereby given 7 days to respond if you disagree with our position, otherwise the service will translate the tax computation into tax liability and raise as computed and attached assessment without further recourse to you,” SaharaReporters quoted the letter signed by Officer II Tax, Khalid A. B., and Senior Manager Tax, Onwunali, I. C., to have read.
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