‘It’s misleading’ — BUA Industries denies alleged N198.7bn tax liability

BUA Industries Limited, a subsidiary of BUA Group, has denied an alleged N198.7 billion tax liability.

Some online reports had said the company has a tax liability of N198.7 billion from an estimated tax computation by the Federal Inland Revenue Service (FIRS) based on an over N1 trillion turnover in 2022.

Responding in a statement on Thursday, the company’s management said the letter from the FIRS dated September 19, 2023, was a routine inquiry.

The company said “it never had a turnover of N1 trillion in 2022”.

“We have already objected to the absurd claim as per the letter, and our books remain open for inspection by FIRS and other regulatory bodies to ascertain our compliance with tax laws and other statutory obligations,” the statement reads. 

“The article’s narrative about a seven-day ultimatum is misleading; it was a timeframe given to respond to the inquiry, not to pay any alleged amount. 

“BUA Industries Limited maintains a cordial and transparent relationship with regulatory bodies, including FIRS, and we are committed to adhering to all tax laws and other statutory obligations. 

“The publication misrepresents the nature of the inquiry and the engagement between BUA Industries Limited and FIRS.”

The company said it remains committed to operating under the highest standards of corporate governance, transparency, and regulatory compliance.