Kaduna seals four banks over ‘N300.5m unpaid taxes’

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Kaduna seals four banks over ‘N300.5m unpaid taxes’

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The head offices and other branches of four commerical banks within Kaduna have been sealed by the state Inland Revenue Service (KADIRS) over alleged N300.5 million tax liabilities.

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This was disclosed by the KADIRS executive chairman, Zaid Abubakar during a press briefing in Kaduna on Monday.

According to NAN report, the affected institutions include: First Bank, Access Bank, Guarantee Trust Bank (GTBank), and Sterling Bank.

Abubakar said the N300.5 million was arrears of taxes payable on masts, towers, and very small aperture terminals (VSAT) between 1999 to 2020.

According to him, the tax liability of First Bank was N132.6 million, Access Bank (N84.1 million), GTBank (N23.5 million), and Sterling Bank (N60.3 million).

He said the exercise carried out by the agency is in line with section 104 of the Personal Income Tax Act.

“We have sent demand notices several times as required by law, but the banks refused to come forward to pay taxes due to the state,” Abubakar said.

“For example, we have sent six notices to First Bank, four each to GTB, Access Bank and Sterling Bank.

“KADIRS is left with no choice but to seal up the banks’ branches.

“There is, however, a positive response from the affected banks. They have made part payment and signed commitments to settle the outstanding.”

Abubakar further asked all business owners within Kaduna to comply with relevant tax laws and pay all taxes due to the state to avoid being sealed off.

Recall that KADRIS in July had sealed four branches of Fidelity Bank in Kaduna over N43.30 million tax liability between 2011 and 2020.

The post Kaduna seals four banks over ‘N300.5m unpaid taxes’ appeared first on NEWS.

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