By Simon Ebegbulem
THE Edo State Board of Internal Revenue, weekend, shut down the multi-billion naira production plant of Presco Industries Plc, manufacturers of the Presco Premium Oil and oil derivatives, over alleged failure by the company to remit backlog of Pay As You Earn, PAYE, taxes of over N73 million.

Speaking to newsmen shortly after the closure in Benin City, Chairman of the Board, Dr. Ese Owie, said that the board’s action was necessitated by what he described as the recalcitrant stance of the company and its refusal to honour  tax obligations to the state government.

He dicsclosed that the Board had carried out a statutory tax audit on the company to ascertain the extent of its liability, adding that at the end of the exercise, “the tax audit report and a demand notice for the payment of the out standing taxes were sent to the company. Upon the expiration of the stipulated payment deadline, the Board invoked its powers as enshrined in the Personal Income Tax Act of 1993.”

Owie maintained that the company will be made to pay its liabilities in full before the plant would be re-opened, warning also that  “all tax payers in Edo State, especially corporate organizations in the state, are to pay up all outstanding liabilities before the end of the year.

“We will not hesitate to send out our team to ensure that monies due to the state government are paid before the end of this year,” he added.