The Edo State Internal Revenue Service (EIRS) has shut distrained the King Square Branch of Skye Bank Plc, following its inability to pay withholding tax liabilities to the tune of N88, 606, 697.03 to the state government.
The EIRS also distrained about 34 other establishments/individuals for failure to remit their withholding taxes/personal income taxes
Addressing newsmen on the development, the Executive Chairman, EIRS, Chief (Sir) Oseni Elamah described the exercise as a routine duty as enshrined in the Personal Income Tax Act (PITA) 2011 as amended.
According to the EIRS boss, the defaulters must have been served the necessary notices of assessment and refused to comply, hence the need for the revenue agency to seek court order to distrain defaulters’ business operational activities and premises.
Speaking with newsmen, during the enforcement exercise, the Director, Tax Intelligence/Enforcement Department, Victor Okube stated that the establishments were sealed up as a result of their failure to remit their taxes, ranging from withholding tax, Personal Income tax and Pay As You Earn taxes amongst others to the state government.
