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‘Pay your taxes or we shut down your operations’ — 10 banks receive warning in Kaduna

‘Pay your taxes or we shut down your operations’ — 10 banks receive warning in Kaduna
July 04
17:21 2018
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The Kaduna state Internal Revenue Service says it will close the branches of 10 commercial banks who are owing taxes if they do not pay in one week.

Francis Kozah, the legal adviser to the revenue agency, told NAN that the N2.3 billion was the total withholding tax the banks failed to remit between 2011 and 2016.

The affected banks are United Bank for Africa (UBA), Zenith Bank, Ecobank, Skye Bank, Heritage Bank, Unity Bank, Diamond Bank, Access Bank, Union Bank and Fidelity Bank.

“We have already commenced the legal process to recover the amount through a written notification to the affected banks operating within the city centre,” he said.

Withholding tax of interest is a tax that is recognized by the personal income tax act as amended in 2011. The tax emanates from the federal legislation and accrues to the states.

He said the affected banks had been given two weeks ultimatum to initiate payment or risk being sealed off by the state government.

“So the banks that operate in the state are by this law bound to deduct this tax and remit to the government of that state and this is what they have failed to do.

“As I said as required by law, we initiated the process by requesting for certain documents from them that will enable us to complete our tax audit on these banks.

“Some of them supplied part of the information, others did not, so what we did was, we now called a meeting to reconcile our position with them.

“We came with them, we held meetings with them. We entered into written resolution with them and their consultants, they failed to abide by the written agreement and so, failing which our assessment becomes final.”

“What we would just do is to seal off the banks after the seven days.”

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September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
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