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Akwa Ibom Threatens To Sanction Oil Firms Over Tax Evasion

Akwa Ibom State Internal Revenue Service (AKIRS) has threatened to sanction oil companies operating in the state over unremitted taxes, saying that such fiscal dereliction by them will no longer be tolerated by the state government.

The Chairman of the Service Board, Mr. Okon Okon, cautioned the oil firms against all forms of tax evasion while unfolding the AKIRS’ revenue generation strategy for 2021.

While decrying that some oil firms operating in the state have refused to pay taxes as required by law, tax administrator explained that the need for the entities to promptly remit tax dues to government coffers had become more imperative in the face of ongoing drive to boost the state’s Internally Generated Revenue (IGR).

He hinted that the Service had, in furtherance of its efforts to plug revenue leakages from the oil firms, mapped out a strategy to ensure that they promptly remit their taxes and by so doing, ensure that the N46 billion target set for it by the government was met.

He said:”We are aware of tax evasion by oil companies doing business in the state. But this year, we would open our eyes on them to ensure the state collect appropriate tax from this them. Our Internal Revenue Target in 2921 is N46b and we must realize this within the year.”

Okon stressed that the time when oil firms engage in oilfield exploration and escape without paying their taxes was over, adding that any oil firm founding wanting in the discharge of its fiscal responsibilities to the state will be sanctioned.

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