BUA Group Dispels Groundless Claims On Estimated Tax

One of the biggest contributors to the Nation’s economy,  BUA Group has dispelled unfounded claims over Tax liabilities. 

A news platform went to town with claims of a 7-day deadline given by the Federal Inland Revenue Service (FIRS) for compliance on an alleged estimated N198.7 billion tax liability but the management of BUA Industries Limited has disproved all the claims – with documents.

The conglomerate that is still getting accolades for providing the most affordable cement in Nigeria, with the recent over 50% price reduction of BUA cement, in a statement released on Thursday, November 2, 2023 explained that “the letter from the Federal Inland Revenue Service (FIRS) dated September 19, 2023 was a routine inquiry, to which we have responded promptly and categorically denied any such tax liability as BUA Industries Ltd never had 1 trillion turnover in 2022 (FIRS Letter and our Response attached).”

Providing insight into the response to the FIRS, BUA Group in the statement disclosed that ” 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 conglomerate with a strong presence in different sectors of the economy  went on to shred the claims in the groundless narrative one by one with the revelations that 

“- 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 giant of industries reiterated the long-standing perception that “BUA Industries Limited remains committed to operating under the highest standards of corporate governance, transparency, and regulatory compliance.” 

And assured all that “We appreciate the continuous trust and support from our stakeholders and the public.”