BUA Industries Denies Alleged Tax Non-Compliance: Clarification on FIRS Inquiry

BUA Industries Denies Alleged Tax Non-Compliance: Clarification on FIRS Inquiry

 

In a recent development, BUA Industries Limited has refuted claims of non-compliance with Nigeria's Income Tax Laws and Value Added Tax Returns Remittance.


Reports had earlier suggested that the Federal Inland Revenue Service (FIRS) issued a seven-day ultimatum.


To the company to reconcile with the government or face a N198.7 billion tax liability for the year 2022.


A letter dated September 19, 2023, from the Bar Beach Micro and Small Tax Office addressed to the Managing Director of BUA Industries Limited.


Had conveyed the FIRS's request for certain documents. It mentioned the possibility of applying specific tax provisions if the requested documents were not provided.


However, in a rejoinder titled "Clarification on Sahara Reporters' Article Dated November 2, 2023,"


BUA Industries Limited asserted that the FIRS letter was a routine inquiry and denied the alleged tax liability.


The company stated that the reported turnover of over 1 trillion naira in 2022 was inaccurate. They emphasised their commitment to compliance with tax laws and statutory obligations.


It's important to note that the seven-day timeframe mentioned in the initial report was meant for responding to the inquiry, not for making any payment.


BUA Industries Limited affirmed its willingness to cooperate with regulatory bodies, including the FIRS, and welcomed inspections of their books to verify compliance.


This clarification highlights BUA Industries' position on the matter and emphasises their commitment to transparent dealings with regulatory authorities.


The company maintains that it adheres to all tax laws and statutory obligations.


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