Tax

The Lagos State Government says it will shut down head offices of companies that have failed to remit statutory taxes to the government from Monday, November 20.

The Commissioner for Finance, Mr. Akinyemi Ashade, in a statement on Sunday lamented that firms, especially banks, had failed to remit statutory taxes and withheld taxes on bank interest for more than 10 years.

He added that the government would use all lawful means to ensure compliance with statutory tax remittances.

Ashade said, “Any company found to have evaded tax will not be spared. It is in the interest of defaulting companies and their management to remit the statutory taxes to the state to avoid embarrassment to them and their shareholders.

“The government will on Monday, November 20, commence the process of shutting down the headquarters of corporate organisations, including banks, who have failed to remit statutory taxes to government coffers.

“Prompt payment of tax will enable the government to provide the necessary infrastructure and improve the standard of living of the people. When people pay their taxes promptly, government is encouraged to do more.

“The administration of Governor Akinwunmi Ambode has shown in the last two and a half years that taxes paid are judiciously spent on projects that have impacted positively on the lives of Lagos residents.”

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