Friday, May 13, 2016

VAT non-remittance: Swift, Pan Ocean Oil, others sealed by FIRS


Swift Networks, an internet provider, and Pan Ocean Oil Corporation Nigeria Limited belonging to Mr. Jimoh Ibrahim, had their offices sealed yesterday by the Federal Inland Revenue Service (FIRS) along with other companies in Lagos, Abuja, Kaduna and Owerri for failure to remit huge amounts of money in Value Added Tax (VAT), ITRealms reports.

Swift Networks, which has its office on 31, Saka Tinubu Street, Victoria Island, Lagos,  failed to remit N702 million to the government had its office sealed by FIRS officials led by the Director of Enforcement, Emeka Obiagwu .

Reacting to the FIRS claims, the Chief Operating Officer of Swift Networks, Chuma Okoye, pleaded against the shutdown order, but was told by Obiagwu that his company should have complied with the laws governing business in the country, insisting “Several notices have been served on the companies and I believe several moves were also made to compel the companies to remit their taxes. But most of these companies turn deaf ears; that is why we usually give them long rope.”

However, a subtle drama ensued at the office of Pan Ocean Oil Corporation, as the company’s security-men attempting to prevent FIRS officials from carrying out their duties, which took the intervention of some members of the company to proceed with enforcement.

Efforts to get FIRS officials to give another period of grace were futile. The management of the firm was told to send representatives to the FIRS office to discuss how to remit the $29.2 owed in VAT.

Okoli Vincent/Leadership/GEE

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