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Court authorizes FIRS to sell companies’ properties towards tax clearance

An Abuja-based Federal High Court has ordered the Federal Inland Revenue Service (FIRS) to sell two landed properties belonging to tax debtors.

The tax debtors, Tradecraft Nigeria Limited and Zaibadari Company Limited, together owe the Government a total of N35.9 million.

Specifically, Zaibadari Company Limitedis owing N18.8 million in tax debts, just as  Tradecraft Nigeria Limited is owingN17.1 million. Together, this amounts to N35.9 million.

It is, therefore, in a bid to recover this debt, that the Federal Inland Revenue Service sought and obtained the Federal High Court’s approval to sell the company’s properties.

They issued demand notices – The FIRS said it had issued demand notices to the two firms and given them 30 days to pay tax arrears. Both firms failed to to comply with the directive.

 Federal Inland Revenue Service

Both companies did not pay the tax arrears – And despite the Warrants of Distraint that was issued to the two companies, they both failed to pay the tax arrears.

The Courts response to this – On the 23rd of March 2019, Justice A. I Chikere said the following:

“DESPITE THE SERVICE OF PROCESS ON THE RESPONDENT’S COMPANY, IT REFUSED, NEGLECTED, AND FAILED TO STATE ITS SIDE OF THE CASE NOR HAVE COUNSEL APPEAR ON ITS BEHALF TO STATE ITS CASE. A PARTY WHO HAS OR HAS EVERY OPPORTUNITY TO PRESENT ITS CASE BEFORE THE COURT AND WHO FAILS TO DO SO CANNOT BE HEARD TOO COMPLAIN.

“THE COURT IS BOUND TO BELIEVE THE AFFIDAVIT IN SUPPORT OF APPLICATION TO THE EFFECT THAT THE RESPONDENT IS A TAX EVADER AND IN DEFAULT OF ITS TAX OBLIGATION TO THE APPLICANT.”

Zaibadari’s landed property to be sold – Justice Chikere ordered for the sale of the company’s landed property located at plot 551, Wuye B03 FCT, Abuja. This will help cover up for its N18.8 million tax debt.

READ MORE:  PIF-backed Saudi mortgage refinancing firm to expand offering in 2019

Tradecraft’s landed property to be sold – Justice Chikere also ordered for the sale of its property at at Plot 1151 Wuye B03 FCT, Abuja, to cover up its N17.1 million tax debt.

Source: Nairametrics

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