4 May 2017

Nigeria: FIRS Shuts Insurance Firm Over N2.4 Billon Tax Debt

In continuation of its tax compliance efforts, the Federal Inland Revenue Service, FIRS, on Thursday, sealed the 11-floor headquarters of Alliance and General Insurance Company in Lagos as well as Delta Transport Service and Grand Hotels in Asaba.

Alliance and General Insurance, which has its headquarters at 12 Abibu Oki Street, off Marina, Lagos, was sealed by an FIRS enforcement team over its Company Income Tax debt of over N2.4 billion (N2, 413, 055, 386.69.)

The team also shut MYD Telecoms Company Limited at 26 Ajasa Street, Onikan, Lagos, which owes over N26 million (N26, 247, 856.50). Equally affected was Brick and Cable Limited at 53 Lawson Street, Lagos Island. The company has tax liabilities, made up of Value Added Tax and Company Income Tax of over N155 million (N155, 460, 310.22.)

In Asaba, capital of Delta State, the FIRS team sealed the offices of the Delta Transport Service Limited and Grand Hotels Limited.

Ruth Mandeun, leader of the enforcement team, said the companies ignored notices sent to them and failed to take advantage of the one-month window offered the FIRS.

Delta Transport Service owes over N243 million (N243,146,108), while Grand Hotels Limited has liabilities of over N14.4 million (N14,402,762.75).

In Owerri, Imo State, the FIRS shut Macol Construction Company Limited over its tax debt of about N3 million (N2,938,069.37), First Eye Resources Nigeria Limited, which owes N6.8 million (N6,844,099.46) and Boko Nigeria Limited, indebted to the tune of N250,000.

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