Tax: Anambra revenue board set to audit companies

The Anambra state Internal Revenue Service (AIRS) says it would on April 1st, 2019, embark on annual audit of companies, businesses and institutions operating in the state in oder to confirm their level of adherence to deduction and remitting of income taxes.

The executive chairman of AIRS, Dr. David Nzekwu, who disclosed this in a press conference in Awka on Friday, explained that the exercise was backed by relevant tax laws. Nzekwu said it was expected that every company operating in the state should at the beginning of every year file in their annual returns before 31st January, with details of employees working with them from whom they make Pay As You Earn (PAYE) deductions.  He said: “In addition, the companies are also expected to file in their own returns as a company to the board of internal revenue before 31st March. It is established that any company that fails to file in their tax returns within this period will pay penalty of N500,000. While the penalty for individual is N50,000. It is well spelt out in section 81 and section 41 under the relevant subsections of personal income tax 2011 as amended. He however, commended businesses and companies operating in the state for their compliance to tax payment, adding that it was responsibilities of every citizen and corporate entities to adequately and promptly pay their taxes. On tax evaders, the AiRS chairman, he said the agency would continue to follow due processes, which include obtaining court judgement and executing them accordingly, like it did some months back when it sealed off all branches of United Banks of Africa (UBA) in the state.


Source: Blueprint