DESPITE DECLARING ANNUAL PROFIT, UBA FINGERED IN ALLEGED N336M TAX EVASION

Trail Reporters

The United Bank for Africa, who last week declared about a Billion Naira in profit, has been fingered in alleged tax evasion in Akwa Ibom State.

Sources said, the Board of Internal Revenue Service, in Uyo, on thursday, moved against the United Bank for Africa, over non-remittance of income taxes over a period of ten years.

The Director of Enforcement and Recovery at the Board, Leo Umana, led a team of enforcement officials to the bank’s headquarters in Uyo, along Udo Udoma Avenue in the State Capital.

According to Leo, the financial institution owe the state government over N336.2m in PAYE.

“We wrote several demand notices, followed them up with reminders and did not receive coperation from the bank. We secured approval from our Board to place notice of default and non-compliance at the bank’s premises.”

The content of the notice of default placed on the bank premises said, “This is to inform the general public that this organization has not been remitting the actual tax deductable from its employees’ salaries and other relevant taxes due to the State: hence failed to comply with the provisions of the relevant tax laws.

“In view of this, the organization is hereby given seven (7) days to comply else the Board will take legal action at the expiration of the seven (7) days notice.”

It also warned unauthorized removal of the notice, which attracts appropriate sanctions.

Leo Umana who expressed displeasure at the backlog of the tax debt, said the notice was aimed at recovering the debt that dates back to 2009.

UBA, Udo Udoma

He disclosed that the state government through the new Board of Internal Revenue Service is embarking on enforcement and recovery of tax debt and urged tax invaders in the state to comply with their obligations.

He also lamented that, lots of persons still treat payment of taxes with levity, “yet, but enjoy the infrastructure and other social services provided by the state government and all these come from tax payers.

Leo Umana said, “Government everywhere are run by taxes and we cannot solely depend on money from the federation account. That is why we are ensuring that taxes are paid.”

Calls placed to the Head of Corporate Communications, Nasir Ramon were not responded to, as at the time of this report.

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