Lagos to shut down tax-defaulting organizations

-Lagos state government to clamp down on tax defaulting organizations.

-The government says payment of taxes would help in providing infrastructural facilities needed by the citizens.

Tax defaulting companies in Lagos state at risk of being shut down.

The government of Lagos state, has unveiled plans to close down the corporate headquarters of organisations who have defaulted in the payment of statutory taxes.

This was disclosed by Akinyemi Ashade, state commissioner for finance, who stated the process will begin on Monday, November 20.

Ashade lamented that even some banks have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years.

“All law-abiding corporate organisations are advised to adhere to this directive as the state government has given enough grace period for them to remit their taxes.

“The government will on Monday, November 20, commence the process of shutting down the headquarters of corporate organisations, including banks who have failed to remit statutory taxes to government coffers. It is in the interest of companies who are yet to remit their taxes to do so on or before Monday,” Ashade said.

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“Prompt payment of tax will enable the government provide the necessary infrastructure and improve the standard of living of the people, but when people pay their taxes promptly, government is encouraged to do more.

“The administration of Governor Akinwunmi Ambode has shown in the last two and half years that taxes paid are judiciously spent on projects that have impacted positively on the lives of Lagos citizens.” He said.