Oyo State Launches Campaign Against Tax Evasion, Urges Residents To Fulfill Obligations

Oyo State Launches Campaign Against Tax Evasion, Urges Residents To Fulfill ObligationsThe Oyo State Government has issued a stern warning to business owners in the state, threatening legal action for failure to pay their taxes. Olufemi Adebowale Awakan, the Executive Chairman of the Oyo State Board of Internal Revenue, made the announcement in a statement signed by him in Ibadan.....KINDLY READ THE FULL STORY HERE▶

The government emphasized the need to clear all outstanding tax payments and urged residents to fulfill their civic duties and obligations. Awakan reiterated that taxes and levies are not optional, referencing Section 24 of the Constitution of the Federal Republic of Nigeria, which mandates tax payment by all citizens.

He explained that anyone earning income through trade, business, profession, vocation, or employment is required to pay the correct amount of tax. The statement further stressed that tax payment is not a punishment but a compulsory responsibility to the government.

Awakan also highlighted the severe consequences of tax evasion. He warned that serious cases could lead to criminal charges, with potential convictions resulting in imprisonment, fines, or both, depending on the severity of the offense. Tax authorities have the power to assess the tax owed by individuals or businesses that fail to file returns or make payments, leading to additional penalties, such as fines and interest.

The government can also seize assets or freeze bank accounts of non-compliant individuals or businesses. Furthermore, businesses that neglect their tax duties may encounter challenges in renewing licenses or permits necessary for operation. Awakan concluded by warning that non-compliance could damage reputations, harming relationships with clients, customers, and business partners.

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