The Nigerian Revenue Service (NRS) has cautioned companies against tax evasion, warning that defaulters could face severe penalties, including fines, imprisonment, and the freezing of bank accounts.
Speaking at a seminar on tax reforms organized by the Abia Shippers Association, the NRS Tax Controller for the Emerging Tax Office in Aba, Mr. Nicholas Okolo, revealed that at least 318 companies in Abia State are currently guilty of tax evasion.
He stressed that the consequences of violating tax laws range from financial sanctions to the loss of business premises.
Okolo urged businesses to register with the tax office, obtain tax identification numbers, file returns promptly, and pay their dues to avoid punitive measures.
The seminar, which focused on Nigeria’s new tax policy reforms, was aimed at educating shippers on compliance requirements.
The Chairman of the Board of Trustees of the Abia Shippers Association, Mr. Olo Onuma, described the session as “eye-opening,” noting that many business owners were unaware of the implications of the new laws.
Acting President of the association, Mr. Emmanuel Ubadire, emphasized that the reforms remain unclear to many operators, urging the government to adopt policies that support business growth.
Similarly, Assistant General Secretary, Mr. Emenike Ubani, expressed concern over the new tax regime, lamenting that Nigerians are “paying through their noses” without seeing tangible results.
The association pledged to continue engaging with government authorities to seek adjustments to the tax framework that would ease the burden on businesses while ensuring compliance.
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