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NEWS

Lagos Shuts 34 Firms Over Tax Debt

November 1, 2023 • 2 min read

Lagos State Internal Revenue Service (LIRS) has shut 34 firms for failing to remit Personal Income Taxes (PIT) of their employees.

Some of the companies include NTS Nigeria Ltd., Med-In Hospital & Pharma Services Ltd., Danvic Petroleum Int’l Ltd., Business Intelligence Technology, Avaya Nigeria Ltd., Gladstone Tech Ltd., Courier Plus Services Ltd., Kurioucity Ltd., Medilag Ventures Ltd., Future Oilfields and Seven Six & Ten Limited.

23 hotels, restaurants, and event centres were also shut for failing to deduct and remit consumption taxes.

The hotels include Blitz Suites & Hotel, Offshoroomz Hotel, God’s Grace Hotel, De Orange Place Ltd., De Santos Hotel, Kentade Hotel Limited, Chamcee, Chelsea Suites, Falode Hotels, High Climax Hotel, Chez Moi Apartment, Excellence Hotel, Bereans Venture (Tantalizer Ebute Metta), La Avril Hotel & Suites, De Orange Place Ltd., Milaco Guest House, New World Inn, Model Motels Ltd, Rely Maritime Ltd, 4 Seasons Hotel, Dream Land Hotel, 343 North Restaurant and Lounge, and Jade Palace Chinese Restaurant.

Speaking during the tax law enforcement exercise, Director of Legal Services, Seyi Alade, said the tax liabilities amounted to about N356.12 million. He lamented that the actions of the affected organisation have caused loss revenue to the state government.

According to Alade, the LIRS previously stepped down on enforcement to promote voluntary compliance. “However, certain companies and hotels chose tax evasion,’’ he added.

Therefore, the renewed enforcement is targeted at such companies, restaurants, hotels, and event centres’. He emphasised that the primary goal is to secure compliance with the remittance of Consumption and Personal Income Taxes, enabling the government to carry out projects intended for the people’s well-being.

“These companies deduct Personal Income taxes from their employees’ salaries, and charge consumption taxes on goods and services. Unfortunately, some unpatriotic firms choose to withhold these payments, illegally converting the funds for their own use,” he said.

Alade warned that failing to file tax returns and evading tax are criminal offences that may result in financial penalties and, in some cases, custodial sentences upon conviction.