BUA Industries Limited has been given a seven-day deadline by the Nigerian government, to submit and produce specific tax documents.
Recall that some weeks back BUA Cement PLC made headlines for announcing that the price of their cement would drop from approximately N5,000 to N3,500. Per bag
FIRS has demanded that the company settles with the government or pay N198.7 billion to cover the N198.7 billion in unpaid income tax and VAT
Ekweanaedo News discovered that the stated tax obligation pertains to the year 2022.
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.”
“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,”
The letter was signed by Officer II Tax, Khalid A. B., and Senior Manager Tax, Onwunali, I. C.
