BUA Industries Limited has refuted recent claims suggesting that the Federal Inland Revenue Service (FIRS) had issued a directive to the conglomerate to remit a tax liability sum of N198.7 billion within a seven-day timeframe.
The company refuted the claims, highlighting inaccuracies and misrepresentations in the initial report.
The rebuttal comes in response to an article published by Sahara Reporters, asserting that the FIRS mandated BUA Industries to settle a significant tax liability amount within a stringent timeline.
The online publication purportedly cited a letter from the revenue service to the Managing Director of BUA Industries, dated September 19, emphasizing the gravity of the alleged outstanding tax dues.
In its official response, BUA Industries dismissed the notion of a staggering N198.7 billion tax liability, labeling the claim as false.
The company clarified that the figure was derived from an estimated tax computation by the FIRS, predicated on an over N1 trillion turnover supposedly recorded in 2022, an assertion vehemently denied by BUA Industries.
The letter, deemed by BUA Industries as a standard inquiry, elicited an immediate and comprehensive response from the conglomerate, disavowing any such substantial tax liability, given the absence of a trillion-naira turnover in the specified period.
“Our books remain open for inspection by the FIRS and other regulatory bodies to validate our adherence to tax laws and all pertinent statutory obligations,” the company emphasized.
BUA Industries also emphasized the amicable and transparent relationship it maintains with regulatory entities such as the FIRS, underscoring its unwavering commitment to upholding all tax regulations and obligations.
The company reiterated that the seven-day period outlined in the FIRS correspondence was intended solely for the purpose of responding to the inquiry, contrary to implications that it constituted a payment deadline.