Lagos State Government threatens to shut down banks in 7 days

The Lagos State Government has threatened to shut down the corporate headquarters of organisations in the state who have defaulted in remitting statutory taxes to government.

This was confirmed in a statement signed by the Commissioner for Finance, Akinyemi Ashade, the state government said some banks have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years, stating that the government has resolved to result to all lawful means to ensure compliance with statutory tax remittances.

He warned that any company found to have evaded tax would not be spared, adding that it is in the interest of defaulting companies and their management to remit the statutory taxes to the state within the grace period to avoid embarrassment to them and their shareholders