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Federal Government Charges Wells Property Development with Tax Evasion

In a decisive move to bolster tax compliance, the Federal Government has initiated legal proceedings against Wells Property Development Company Limited, citing six counts of tax evasion. The Federal Inland Revenue Service (FIRS), acting on behalf of the government, has accused the company of understating tax returns, making false declarations of earnings, and failing to deduct and remit taxes.

According to a document obtained exclusively by our correspondent on Sunday, the Federal Republic of Nigeria is the complainant in the case, with Wells Property Development Company Limited and nine individuals listed as defendants.

The charges include accusations of understating tax returns and false declaration of earnings while performing taxable services. The suit, identified as FHC/ABJ/CR/293/2024, was filed on June 21, 2024.

Further details on the case are expected to emerge.

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