N5m fine awaits tax evaders in Edo

N5m fine awaits tax evaders in Edo

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The Edo State Government says any organization in the State that is involved in tax evasion stands the risk of being fined the sum of five million Naira (N5 million) or three years imprisonment or both, on conviction.

It also placed the possession of Tax Clearance Certificate (TCC) as precondition for accessing public services and some commercial transactions across the State, in line with relevant provisions of the laws.

The Executive Chairman, Edo State Internal Revenue (EIRS), Igbinidu Inneh in a statement, urged all concerned to ensure strict compliance, adding that the measure is being taken to ensure that taxable citizens meet their civic duties.

He charged all Federal and State Government Ministries, Departments, and Agencies (F&SMDAs), Local Government Councils, Commercial Banks, as well as companies and enterprises operating in Edo State, to demand from individuals, verifiable tax clearance certificate with regards to application for MDA approvals and licenses, foreign exchange control permission to remit funds outside Nigeria, and distributorship of goods and services.

The statement emphasized that the demand for TCC, covering three preceding years, is in line with Section 85 of the Personal Income Tax Act (PITA) as amended.

Recall that the state government embarked on a comprehensive campaign to name-and-shame firms and high-net worth individuals who were defaulting in their tax obligations. Up to 150 firms have been distrained since the commencement of the exercise, as officials are visiting more business premises to implement the name-and-shame directive.

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