The Acting Executive Chairman of the Imo State Internal Revenue Service (IIRS), Mr. Justice Remijus Okoye met with the Commissioner and team from the Imo State Ministry of Petroleum & Gas and members of the Imo State Petroleum Marketers and Dealers Association at the IIRS Headquarters on Thursday, 29th August, 2024.
The meeting was aimed at seeking lasting solutions to challenges encountered by members of the association in remittance of taxes into the Imo Treasury Single Account (IMTSA).
The Acting Chairman welcomed the teams from the Ministry of Petroleum and the Association led by the honourable Commissioner, Barrister Emeka Mgbudem and the Vice Chairman, Mr. Eze Temple T. respectively. He added that some members of the association have not been compliant to payment of taxes, hence the reason for the meeting.
In his response, the Vice Chairman of the association reiterated that an agreement was reached on fixed amounts to be paid which members complied to. He said however, there was a geometric increase from the agreed amount that resulted in members not being able to pay the new amount. He added that the marketers and dealers have been faced with many challenges which include foreign exchange rate, difficulty in purchasing products etc, stressing that the economic hardship had taken a toll on some of the association members who were forced to shut down some of their stations.
The Commissioner, Ministry of Petroleum and Gas said that there are various revenue heads from the IMTSA under which relevant taxes are captured in accordance with the law. He urged the marketers and dealers to try to comply with tax payments and added that a lot has changed due to the country’s economic situation.
After a productive dialogue, the IIRS Acting Chairman requested the association to provide a comprehensive list of petrol stations in Imo State. He also asked that members of the association pay up the arrears of taxes owed from 2021 to 2023 and comply with payment of 2024 taxes.
He assured the association that a review of assessment for 2025 will be looked into and promised that the Service would provide necessary assistance for tax compliance in order to boost the Internally Generated Revenue (IGR).