Cross River State has issued a final warning to Bao Yao Iron and Steel Company over unpaid taxes of N1.2 billion.
This warning was issued by the Director of Compliance at the Cross River State Internal Revenue Service, Mr. Ayi Bassey, during a visit to the company’s location in Calabaron on Monday.
He explained that the state revenue service had made several attempts to get the company to pay the outstanding taxes, but the company had not responded or taken any steps to fulfill its tax responsibilities.
Bassey stated that “we’ve sent them demand notices multiple times, but they have not shown any intention to resolve this issue. This lack of action seems like a deliberate effort by the company to ignore its responsibility to the state.
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“As a result, the IRS has placed non-compliance stickers on the company’s premises as a last warning. If the company still does not respond, the IRS will take further legal action to ensure the company complies with tax laws.”.”
Director of Legal Services and Enforcement at the Cross River IRS, Mr. Emmanuel Esira, added that the money owed includes tax deductions taken from employees’ salaries that have not been remitted to the state government since 2009.
He highlighted the importance of companies fulfilling their tax obligations and urged them not to wait until such drastic measures are taken.