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Underwriting firm rejects owing N278.5m tax liability


The Federal Inland Revenue Services, FIRS, stepped up its tax enforcement duties, shutting company offices in Lagos and other places in the country for non-payment of outstanding tax liabilities.

The enforcement team of the agency visited LASACO Assurance Plc head office in Lagos with the believe that the firm owing but this was not correct as the company has denied owing N278.5million tax liability, as claimed by the Federal Inland Revenue Service (FIRS), saying the Federal Government agency erred in its judgment by sealing off the office and putting the company in bad light.

The Managing Director, LASACO Assurance, Segun Balogun, confirmed to the Guardian that “the tax authority after reviewing its action unsealed the premises immediately they reconciled their account, and found out the true position that we are not owing and neither are we in the class of tax evaders.

“We assure all our customers and the general public of our commitment to running a responsible and credible organisation positioned to meet your insurance needs at all times.”

He said contrary to FIRS’ claims that LASACO Assurance is in outstanding tax payments from 2012 to 2016, it had paid its taxes from 2012 to 2015, and was contesting the 2016 taxes and payment on self-assessment basis at the time FIRS sealed off the office last Monday.

Balogun said: “FIRS officials stormed our office, forcefully sealed our Corporate Head Office in Ikeja, Lagos on a wrong claim that we owe tax.

“The said officials came without prior notice and sealed the office with a claim that we owe tax liability from 2012 to 2016 to the tune of N278.5million. And all our attempts to make them reason that we were not owing proved abortive even as we showed them evidences of full payments for the reconciled 2012 -2015 taxes, and payments on self-assessment basis for 2016.”

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