No fewer than four new generation commercial banks have been sealed off by officials and men of the Osun State Internal Revenue Service (OSIRS) for alleged tax evasion amounting to N72m.
In a raid conducted by the revenue service team in the early hours of today, the affected banks include Diamond Bank, First City Monument Bank (FCMB), Guaranty Trust Bank and Fidelity Bank.
It was gathered that the OIRS sealed up the banks following alleged non-remittance of the Withholding Tax due to the State government to the tune of N72,932,717.72 between the period of 2012 and 2014.
Speaking with newsmen after the exercise, the Acting Chairman/Chief Executive Officer, Osun Internal Revenue Service, Mr Bicci Ali, confirmed the development saying that the action was intended to give a bite to the financial institution’s non-compliance to remit all the outstanding taxes due to the state government.
He said that the action was in accordance to the to the provisions of Section 104 of the personal Income Tax Act 2004 LFN (as amended in 2011) and that they will not be reopened for business until all unremitted taxes are paid to the State Government.
He stated that the agency has obtained court order before embarking on the seal off adding that adequate notice has been issued to the affected banks as well.
Mr. Ali explained further that OIRS has intensified on advocacy, publicity and enlightenment programmes on the statutory obligations of the citizenry to voluntarily comply by paying their taxes, levies and other charges promptly as prescribed in the constitution of the country and the applicable tax legislations, but in spite of the efforts, many corporate organizations and individuals still engage in several violations.
