BUA Industries Addresses False Claim On N198.7bn Tax Liability
Leading Nigerian conglomerate, BUA Industries Limited has described as false a media report suggesting it has tax liability to the tune of N198.7bn.
The development, according to a communication made available by the management of BUA Group, stemmed from claims the business entity recorded a whooping 1 Trillion Naira turnover in 2022.
The unfounded report further suggested the said tax liability was discovered by the Federal Inland Revenue Service (FIRS) while computing BUA Industries Limited tax for the year 2022.
Setting the record straight, BUA management said: “The letter from the Federal Inland Revenue Service (FIRS) dated September 19, 2023 was a routine inquiry, to which we have responded promptly and categorically denied any such tax liability as BUA Industries Ltd never had 1 trillion turnover in 2022.”
“We have already objected to the absurd claim as per the letter, and our books remain open for inspection by FIRS and other regulatory bodies to ascertain our compliance with tax laws and other statutory obligations”, the BUA further clarified.
Here is BUA Industries Limited reaction to the report..
Rejoinder: Clarification on Sahara Reporters’ Article Dated November 2, 2023
We address the publication by Sahara Reporters on November 2, 2023, regarding an alleged N198.7 billion tax liability attributed to BUA Industries Limited arising from a claim stemming from an estimated tax computation by FIRS based on an over 1 trillion naira turnover in 2022 which is false. The letter from the Federal Inland Revenue Service (FIRS) dated September 19, 2023 was a routine inquiry, to which we have responded promptly and categorically denied any such tax liability as BUA Industries Ltd never had 1 trillion turnover in 2022 (see FIRS Letter and our Response attached). We have already objected to the absurd claim as per the letter, and our books remain open for inspection by FIRS and other regulatory bodies to ascertain our compliance with tax laws and other statutory obligations.
- The article’s narrative about a seven-day ultimatum is misleading; it was a timeframe given to respond to the inquiry, not to pay any alleged amount.
- BUA Industries Limited maintains a cordial and transparent relationship with regulatory bodies, including FIRS, and we are committed to adhering to all tax laws and other statutory obligations.
- The publication misrepresents the nature of the inquiry and the engagement between BUA Industries Limited and FIRS.
BUA Industries Limited remains committed to operating under the highest standards of corporate governance, transparency, and regulatory compliance. We appreciate the continuous trust and support from our stakeholders and the public.
Signed:
Management,
BUA Industries Limited
