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Published On: Thu, Apr 10th, 2014

FIRS seals off First Bank over N147 million tax evasion in Minna

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firs logo KabiruFrom Yakubu Mustapha, Minna

Niger state Board of Internal Revenue has sealed the premises of First Bank Plc, Minna Branch indefinitely yesterday as result of tax evasion.

Speaking to Journalists after the sealing up of the premises of the Bank at around 6:30 am, in Minna the state capital, the Chairman of the Board, Hussaini Ahmed said the enforcement followed after obtaining a court order to that effect.

Alhaji Ahmed said, the board had conducted tax audit investigation on First Bank plc on two of its branches in Minna, from 2006 to 2011 and discovered that there was a gross under declaration of the income of the workers as well as failure to remit witholding tax by the Bank.

According to him the Bank owes the state government the sum of N147 million and that after several correspondence the Bank remained adamant over matter, hence the decision to seal up the branches.

He said, “We conducted our tax audit investigation from 2006 to 2011 and found the Bank engaged in gross under declaration of the actual income of its workers.”

The Chairman of the Board further explained that the premises of the Bank will not be open for any form of business transaction until the unremitted tax money is paid to the government.

He opined that tax law a very clear, therefore in a situation where an individual or private organization failed in paying tax, the appropriate laws must be enforced said, all that they needed to do is to obtain a court order and request the police to give them protection while carrying out the enforcement.

 

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