BUA refutes claim of N198.7 billion tax liability

BUA refutes claim of N198.7 billion tax liability
BUA refutes claim of N198.7 billion tax liability

BUA Industries Limited, a subsidiary of BUA Group, has dismissed claims of a purported N198.7 billion tax obligation.

These allegations had surfaced in online reports, attributing the tax liability to an estimated calculation by the Federal Inland Revenue Service (FIRS) based on a reported over N1 trillion turnover in 2022.

In a response issued on Thursday, the company’s management clarified that the communication received from the FIRS, dated September 19, 2023, was a standard inquiry rather than an indication of a confirmed tax liability.

The company emphatically stated, “We never recorded a turnover of N1 trillion in 2022.”

It further expressed its objection to the perceived exorbitant claim, affirming that its financial records remain open for examination by the FIRS and other regulatory entities to verify their compliance with tax regulations and statutory obligations.

Regarding the reports’ mention of a seven-day ultimatum, the company clarified that this referred to the deadline for responding to the inquiry and not a timeframe for making any alleged payment.

BUA Industries Limited underscored its commitment to maintaining a transparent and harmonious relationship with regulatory bodies, including the FIRS, and a dedication to adhering to all tax laws and statutory obligations.

The company also emphasized that the portrayal of the inquiry and the interaction between BUA Industries Limited and the FIRS in the article was misleading.