”that the revenue service gave BUA Industries a seven-day ultimatum “to reconcile with the government or pay N198.7 billion arising from non-compliance with income tax laws and VAT returns remittance.”
“You are hereby given 7 days to respond if you disagree with our position, otherwise the service will translate the tax computation into tax liability and raise as computed and attached assessment without further recourse to you,” the letter stated according to Sahara Reporters. The letter “was a routine inquiry, to which we have responded promptly and categorically denied any such tax liability as BUA Industries Ltd never had 1 trillion turnover in 2022,” the group said.“We have already objected to the absurd claim as per the letter, and our books remain open for inspection by FIRS and other regulatory bodies to ascertain our compliance with tax laws and other statutory obligations,” it added.
The group further remarked that it maintains an amiable and open relationship with regulatory bodies including the FIRS and it is committed to complying with all tax laws and other statutory obligations.
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