Federal Task Force Busts Air Nigeria CEO in N4.7 Billion Tax Fraud

Date: 20-06-2012 11:23 am (11 years ago) | Author: psalmmy
- at 20-06-2012 11:23 AM (11 years ago)
(m)
The Federal Inland Revenue Service (FIRS) has arrested the Managing Director of Air Nigeria, Kinfe Kayssay, for alleged failure to remit about N4.9billion tax revenues due to the Federal Government.



The arrest of Mr. Kayssay is in pursuit of the drive by the tax Service to recover over N170.I billion outstanding taxes owed government by various public and private organisations as well as ensure that all taxpayers are captured in the tax net, the tax agency says.



Last May, the chief executive officers of seven Lagos-based engineering, telecommunications, cable television, and trading conglomerates were arrested over similar offences involving tax evasion totalling N2.17billion.

Pivot Engineering Limited, an Ikeja-based power engineering subsidiary of the Honeywell Group largely owned by Oba Otudeko, was allegedly owing about N610million; UTC Nigeria Plc, a leading processor and marketer of baked goods (about N278million), and John Holt Nigeria Limited, one of Nigeria’s leading assembly conglomerate and trading companies (about N33million).

The others were HITV Limited, one of Nigeria’s leading cable television firm (N310million); Sweet Sensation Confectionery Limited, one of Nigeria’s fast food chain (N156million), Reliance Telecommunications Limited (N593million) and Entertainment Highway Limited, N196million

The arrests were as a result of the tax enforcement drive by the Debt Enforcement and Special Prosecution Unit (DESPU) of the Service aimed at recovering arrears of taxes due to government from Withholding Tax (WHT) and Value Added Tax (VAT).

Air Nigeria was also accused of failure to file its annual tax returns for 2011 as and when due, while the one for 2012 is still pending, contrary to Section 31 of the VAT Act No. 12 of 2007.

Posted: at 20-06-2012 11:23 AM (11 years ago) | Upcoming
- Idbabe at 20-06-2012 11:32 AM (11 years ago)
(f)
The axe is falling on aviation industry now, turn by turn.  Abeg make una go pay una tax
Posted: at 20-06-2012 11:32 AM (11 years ago) | Hero
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- chicco77 at 24-08-2012 12:39 PM (11 years ago)
(f)
 Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Posted: at 24-08-2012 12:39 PM (11 years ago) | Addicted Hero
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