The Federal Inland Revenue Service (FIRS), has filed criminal charges bordering on tax evasion against Well Property Development Company Limited at a federal high court in Abuja.
The six-count charge, contained in a court document, shows that the property firm is owned by late Idahosa Okunbo, former chairman of Ocean Marine Solution Limited.
NewMailNG understands that the federal government, through the FIRS, is launching a clampdown on companies evading taxes across the country.
The business was charged with a number of offences, including providing “our taxable services while understating tax returns and making false earnings declarations”.
The lawsuit is dated June 21, 2024, and is marked FHC/ABJ/CR/293/2024.
Bolanle Oniyangi, head of the litigation and prosecution department at FIRS, filed the case on behalf of the federal government.
The charges are failure to file correct and complete income tax returns in the prescribed form and manner for the purpose of paying relevant tax administered by FIRS — “an offence punishable under Section 55 of the companies income tax Act as amended”.
The firm is also charged for furnishing FIRS with false information regarding its income which is an offence punishable under Section 25 of the Value-Added Tax Act (VAT) of 1993 as amended.
Moreso, the firm is charged for willfully and unlawfully evading the assessment, payment and remittance of tax due and payable to the federal government, an offence punishable under Section 26 of the VAT Act.
FIRS said Wells Property also failed to deduct and remit all relevant taxes, which is an offence punishable under Section 40 of the FIRS Establishment Act 2007.
Additionally, the company is said to have made false declarations of tax returns for the years 2019 to 2022 by understating its income and earnings with the intent to evade tax.
While this is punishable under Section 42 1 (a) and (3) of FIRS Establishment Act 2007 as amended, according to the tax agency, no date has been fixed for the hearing of the matter.
