FIRS commences audit of Parco Steel company

FIRS says there is no hiding place for tax evaders anymore.

The Federal Inland Revenue Service, FIRS, said on Thursday that it has begun the audit of the tax records of PARCO Steel Enterprises.

The audit is coming after the steel group allegedly failed to honour several notifications and meetings for the revenue agency to look into its operations.

The Head, Communications and Liaison Department of FIRS, Wahab Gbadamosi, said steel firm had over time refused to open its books and provide FIRS with requested documents for the purpose of auditing its tax records.
.
Prior to the final decision to move in and perform its official function, Mr. Gbadamosi said FIRS officers had over a week ago carried out an enforcement function on the company.

The assignment, he said, involved deployment of some of its latest audit tools to identify tax evaders.

According to him, some of such audit tools was the risk engine tool for identification of tax evaders or non-compliant taxpayers.

Companies flagged by such tools are either subjected to tax audit or tax investigation.

Mr. Gbadamosi said one of such companies flagged off by the FIRS’ risk engine has been Parco Enterprises Nigeria Limited, with a trans-Nigerian reach and associated interests and companies in steel, fertilizer, chemicals, foundries and mines.

He said the decision to audit the company’s tax records was in line with its statutory mandate and the provisions of Sections 58 and 60 of the Companies Income Tax Act (Cap. 21 LFN 2004) and Sections 26 and 27 of the Federal Inland Revenue Service (Establishment) Act 2007 (FIRSEA).

The commencement of the investigation, he said, was effected through a letter dated April 22 to the management of the company requesting for a pre-audit meeting held on April 30.

Further requests to provide accounting and other business records requested of them repeatedly by FIRS, in June were not granted, he said.

Consequently, the FIRS Management, pursuant to the power vested on it by Section 36 of the FIRSEA, approved an enforcement action as a result of the company’s failure to oblige FIRS with requested documents and to open up its books for audit.

The enforcement exercise was carried out by FIRS recently at the office of the company at 1, Commercial Road, Eleganza Plaza, Apapa, Lagos State where documents and accounting records of the company were retrieved for audit purposes.

“Taxpayers are hereby advised to beware as investigation exercise is ongoing and there is no hiding place for tax defaulters,” Mr. Gbadamosi said on Thursday.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here


TEXT AD: This NAFDAC APPROVED Solution Will Make You Stay Longer Than 40Mins In Bed Tonight And Help Your Erection. Click Here To Read The Free Reports


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • Custom Adewunmi Bamidele

    GREETINGS FROM THE NIGERIA CUSTOM (NATIONAL) CALL CUSTOM john desmond (08071146488) AUTHORIZED CAR AUCTIONS/SALES MARKET) FOR 2014 TO BUY, CALL THE MARKETING DEPARTMENT – WE HAVE DIRECT TOKUNBO CAR
    GREETINGS FROM THE NIGERIA CUSTOM (NATIONAL) CALL CUSTOM john desmond (08071146488) AUTHORIZED CAR AUCTIONS/SALES MARKET) FOR 2014 TO BUY, CALL THE MARKETING DEPARTMENT – WE HAVE DIRECT TOKUNBO CARS, VERY CLEAN AND BRAND NEW CARS FOR SALE AT A CHEAPER PRICE. CAR FEATURES ARE AS FOLLOW:
    CUSTOM adewunmi (08071146488) FOR INDIVIDUALS
    YOU ARE TO SCAN AND COME WITH A COPY OF :-
    1. Your valid international passport, drivers license or National ID card.
    2. A bank teller of #90,000 for registration and clearance.
    3. A passport photograph warrant card.
    4. Age declaration/Birth certificate.
    5. Local/State Govt of origin.
    5. Local/State Govt of origin.
    FOR BUYERS THAT CANNOT MAKE IT DOWN TO THE OFFICE……
    You are to send a scan copy of:-
    1. A valid international passport, drivers license, National ID card.
    or Working ID card.
    2. A teller of #90,000 for registration and clearance.
    3. A passport photograph for the warrant card.
    4. Age declaration/Birth certificate.
    5. Delivery point address: office or home.
    6. Two working mobile numbers:-office & mobile.
    6. Two working mobile numbers:-office & mobile.
    FOR DEALERSHIP
    All new dealers should come with :-
    1. A valid international passport for warrant card.
    2. Certificate of incorporation of company.
    3. A bank teller of #120,000 for registration and clearance.
    4. Original certificate and a good resume.
    5. Age declaration/Birth certificate.
    6. Local/State Govt of origin.
    6. Local/State Govt of origin.
    TOYOTA CARS
    Venza: N800,000
    Highlander: N950,000
    Corolla: N320,000
    Avensis: N290,000
    Yaris: N200,000
    Camry 2.2 (pencil): N300,000.
    Camry 2.4 (big daddy): N325,000.
    Camry Muscle: N400,000.
    Avalon: N420,000
    Solara: N300,000
    Sequioa: N1,000,000
    Land Cruiser: N1,200,000.
    Prado: N2,000,000
    Matrix: N350,000
    Avanza: N250,000
    Sienna: N750,000
    Rav4: N650,000
    Hilux: N600,000
    Tundra: N650,000
    Tacoma: N550,000
    Picnic: N275,000 etc.
    Picnic: N275,000 etc.
    HONDA CARS
    E.O.D: N450,000
    Evil spirit: N475,000.
    Bull dog: N300,000.
    Baby boy: N250,000.
    Hala: N200,000
    Civic: N350,000
    CR-V: N750,000
    Pilot: N800,000
    Odyessy: N500,000
    Crosstour: N975,000
    Frontier: N700,000
    Discussion continue: N510,000 etc.
    Discussion continue: N510,000 etc.
    ROVER CARS
    LR2: N750,000
    LR3: N1,000,000
    Discovery: N1,500,000
    Sport: N2,250,000
    Coupe: N2,000,000
    Freelander: N800,000
    Explorer: N850,000
    Expedition: N850,000 etc.
    Expedition: N850,000 etc.
    NISSAN/KIA/HYUNDA CARS
    Altima: N300,000
    Maxima: N400,000
    Almera: N295,000
    Xterra: N480,000
    Pathfinder: N700,000
    Armada: N850,000
    Micra: N250,000
    Micra: N250,000
    Optima: N350,000
    Sportage: N570,000
    Rio: N300,000
    Soul: N250,000
    Soul: N250,000
    Accent: N400,000
    Sonata: N450,000
    IX35: N500,000 etc.
    IX35: N500,000 etc.
    Other brands such as CHRYSLER, ESCALADE, FORD, VOLVO, AUDI and many more are available for auction.
    Other brands such as CHRYSLER, ESCALADE, FORD, VOLVO, AUDI and many more are available for auction.
    We have 1996 to 2013 model for all available vehicles.
    They consist of Leather and Fabric, some consist of Chilling Factory and alloy wheels.
    They consist of Leather and Fabric, some consist of Chilling Factory and alloy wheels.
    These cars were seized by government officials at border and the time duration given to the owners to claim their cars has elapse so they are been sold in a give away price. All you need do is to call. Adewumi (08071146488 to place an order of your choice.