Lagos Shuts 11 Hotels Over N354.75m Tax Evasion

tax relief
  • Lagos Shuts 11 Hotels Over N354.75m Tax Evasion

The Lagos State Internal Revenue Service (LIRS) yesterday shut 11 hotels, restaurants and event centres over alleged failures to remit their taxes under the hotel occupancy and restaurant consumption laws of Lagos State 2009.

Director, Legal Services at LIRS, Seyi Alade, who spoke after a state-wide tax law enforcement exercise in Lagos, said the firms owed the state government N354.75 million in unpaid taxes.

Alade the government had started full enforcement of all aspects of tax laws on defaulting taxpayers.

He said failure to file annual tax returns, false declarations in returns filed and evasion of taxes were criminal offences punishable by severe fines and jail terms upon conviction by a court.

“Any failure to deduct and remit taxes as and when due in Lagos State will now attract very serious monetary penalties.

“These penalties include sealing of the company, seizure of the goods and chattels and criminal prosecution of principal officers of recalcitrant entities.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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