First Bank, Guaranty Trust Bank (GTB), Sterling Bank and one other bank were sealed by the Kaduna State Internal Revenue Service (KADIRS) on Monday over N300.5 million unpaid taxes.
The executive chairman of KADIRS, Dr. Zaid Abubakar told journalists after the exercise in Kaduna that the money was arrears of taxes payable on masts, towers, and Very Small Aperture Terminals (VSAT) from 1999 to 2020.
He said that the tax liability of First Bank was N132.6 million; GTB N23.5 million and Sterling Bank of N60.3 million.
According to him, the exercise is based on the power vested on KADIRS by Section 104 of the Personal Income Tax Act.
“We have sent demand notices several times as required by law, but the banks refused to come forward to pay taxes due to the state.
“For example, we have sent six notices to First Bank, four each to GTB, and Sterling Bank.
“KADIRS is left with no choice than to seal up the banks’ branches.
“There is, however, a positive response from the affected banks. They have made part payment and signed commitments to settle the outstanding,’’ Abubakar said.
The executive chairman appealed to all business owners in the state to comply with relevant tax laws and pay all taxes due to the state to avoid being shut.
(The News Guru)
