Business

FIRS Seals Oil Company Over Tax Debt

The Federal Inland Revenue Service (FIRS), Tuesday, locked up the premises of Express Petroleum and Gas Company Limited, located at 11, Babatunde Jose Road, Victoria Island, Lagos over tax liabilities totaling N17, 922, 731.45.

Led by Mr. Emeka Obiagwu, Director of Enforcement, the FIRS team, also visited the office of Vas Nigeria Limited at 20A Ologun Agbaje Street, Victoria Island, Lagos, over unpaid taxes amounting to N26,247,856.

However, the management of the company promised to pay at least N7 million before noon Tuesday.

The enforcement team left the company, but warned that if the company fails to pay by 4pm, it will return to shut down its premises.

At Niger Insurance Plc office at 48/50 Odunlami Street, Lagos Island, the management also presented a proof of the payment of N10million out of its tax debt of N317,353,710.

The payment, made last week, convinced the team to extend the company’s grace period.

The company also promised to pay a large slice of what remains before the end of this week.

Funsho Arogundade

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