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Cross River seals PPMC over N262m tax

By on October 24, 2014

The Cross River State Government has sealed the premises of the Pipeline Products and Marketing Company (PPMC) for its alleged tax indebtedness to the state amounting to N262 million.

The state Internal Revenue Service (IRS) announced that its enforcement team sealed the premises of the PPMC following an order to that effect from the state court.

Making the announcement on Wednesday in Calabar, the head of Audit and Investigation state IRS, Mr. Ayi Bassey, said the company’s premises was sealed because of its failure to defray its tax liability of N262 million being deductions from (Pay As You Earn) PAYE tax and development levy from 2007 to 2012. Bassey said the action was taken following a warrant issued by the Revenue Court sitting in Calabar authorising the IRS to recover the money.

 

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