FIRS Files ‘Tax Evasion’ Charges Against Property Company

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The Federal Government has filed “tax evasion” charges against a property company, Well Property Development Company Limited.

The FG, through a suit filed on its behalf by the Federal Inland Revenue Service (FIRS), took the firm before the Abuja Federal High Court on a six counts.

In the suit, Federal Republic of Nigeria is listed as complainant, while Wells Property Development Company Limited is joined with nine individuals as defendants.

Among other things, the company was accused of various offences including, false declaration of earnings, while carrying our taxable services.

The suit is marked FHC/ABJ/CR/293/2024 and dated June 21, 2024.

The FIRS accused the firm of 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.

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Count two stated that the firm allegedly furnished FIRS with false information regarding the company’s income which is an offence punishable under Section 25 of the Value Added Tax Act of 1993 as amended.

Other counts bordered on false declaration of tax returns for the years 2019 to 2022 and failure to deduct and remit all relevant taxes, which is an offence punishable under Section 40 of the FIRS Establishment Act 2007.

No date has been fixed for hearing of the matter

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