Imo Transport Company shutdown over N42.1m tax debt

The Imo Transport Company Limited (ITC), in Owerri, was shut down on Tuesday, February 28, 2017 over a N42 million tax debt incurred between 2008 and 2016.

According to reports, the company was shut down by the Federal Inland Revenue Service, FIRS.

The sealing of the company was done by an FIRS enforcement team, led by Ruth Mandeun. The team leader told the ITC that the FIRS had come to execute a warrant of distraint served on the company following futile attempts to make it fulfil its tax obligation to the federal government.

Although, the management of the transport company showed resistance, but later cooperated when it realised the government revenue-collecting agency had complied with due processes in carrying out the exercise.