Meyer Plc has issued a press statement in response to last week’s media publications about the shut down of its Ikeja factory by the Federal Inland Revenue Service (FIRS), because of back taxes.
According to the statement which was issued to the Nigerian Stock Exchange (NSE) today, the company confirmed that the enforcement team of the Federal Inland Revenue Service did carry out an operation on the company’s premises last week; January 7th to be precise.
However, the company’s factory was not actually “shut down” by the FIRS; at least not in the manner it was reported.
Instead, Meyer Plc stated that although the FIRS initially did shut down its premises over the tax claims, that relevant documents were immediately presented to prove that the company was, in fact, not owing any back taxes.
Consequently, the FIRS confirmed the validity of the documents and reopened the company’s premises afterwards.
“The Federal Inland Revenue Service (FIRS) enforcement officers came to our office on Monday, 7th January 2019 with a warrant a warrant of distraint dated 7th Jan 2018. It was stated in paragraph 2 of the said warrant that DN Meyer Plc (now known as Meyer Plc) had arrears of Company Income Tax amounting to the sum of N54,658,701.00 in respect of the 2016 Year of Assessment.
“We subsequently furnished the relevant documents showing tax returns and payments for the year under assessment in question to the FIRS and these were deemed sufficient for the enforcement team to re-open our office on the same day.” – Meyer Plc
This, therefore, disputes the initial reports which suggested that the company owed N54.6 million in back taxes and that its premises was under locks and keys.
Meyer Plc hopes that this statement also corrects that impression, even as it used the opportunity to assure that the company will continually co-operate with the FIRS.
Meyer Plc’s share price on the Nigerian Stock Exchange currently stands at N0.59. The company operates in the industrial goods sector and was incorporated on May 20th, 1960.