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THE Osun State Government has alerted the public of Segilola Gold and its subsidiaries of their refusal to remit total deductions of PAYE from their employees to the covers of the government as approved by the law.
At a Press Briefings held at the Government House, Abere, Osun State, organized by the Osun Internal Revenue Service, Solid Mineral Resources and Information and Enlightenment Ministries, the state frowned at the hide and seek of Segilola for evading taxes and not paying the state their dues as one their shareholders worth 5.1 million shares.
In the address read out by Dr. Wale Bolorunduro and others pointed to the fact that Segilola and its conglomerates are owing the state over Three Billion Naira.
The state threatened to report Segilola a subsidiary of Thor Explorations Ltd.(Thor) to London Stocks Exchange if the trend of their refusal to fulfill their tax obligations to the state continues.
“Segilola Resources Operating Limited (SROL) is a company, domiciled in Nigeria, that operates the Segilola Gold Project (SP), located in Iperindo, Osun State Nigeria. SROL is a subsidiary of Thor Explorations Ltd.(Thor), United Kingdom, a gold exploration and development company, listed on both the TSX Venture Exchange of Toronto (TSX-V:THX) and AIM Market of the London Stock Exchange (AIM:THX).
It is appalling to discover non remittances of taxes deducted as PAYE taxes from its employees and that of the employees of its service providers/ operators, under the Personal Income Tax (PITA) and non compliance with the disclosure requirements under the extant law on taxation.
The infractions, which cannot be tolerated for Thor, SROL and other associates in other jurisdictions are being perpetrated here, in Osun state. These include failure of Segilola Resources Operating Limited (SROl) to remit, the balance on the 3.2 Billion Naira tax liability of the four (4) year (2019 – 2023) Interim assessment due to the State since 4th of July 2024 under the relevant tax law of the federation and that of the state as Pay as You Earn (PAYE) and the Withholding taxes (individuals) deductions, required to be remitted to the state(s) or federal under Personal Income Tax (PITA) and Company Income Tax (CITA).
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Shirking of its statutory responsibility to provide within 15 days, the basic tax Information/documents to substantiate its dispute of the 3.2 billion Naira tax liability such as:
Part of disputes Include;
(a) The official Gazette from tax authority permitting the 5% of mining accommodation as Benefit in Kind.
(b) Breakdown of the Operating Cost by vendors, stipulating Name of vendors, Cost, Type of services and the amount paid to vendors, The address of vendors, etc
(c) Evidence of remittance of withholding taxes.
(d) Submission of the General ledger/activity reports and trial balances to verify salary and nominal payroll.
“These documents have been outstanding since 11th July, 2024, despite the fact that the onus of proof is on the tax payer (SROL) according to Personal Income Tax Act (PITA).
This is a deliberate attempt to delay payment and allegedly to evade taxes on direct and indirect employees, contrary to section 81(3) of PITA.
Non disclosure of all the service providers, operating in the same location and on the same Segilola Gold Project, who are providing services to SROL by direct or indirect recruitment and via outsourcing of employees. Thereby, allegedly hiding employees under these service providers and allegedly evading corresponding PAYE Taxes due to Osun state. While Sinic Engineering Ltd has been evasive, ATF Consulting Limited has failed to pay fully the 160million Naira, undisputed Interim Tax Liability Demanded by Osun state but rather paid partially 100million Naira and abandoned the outstanding since August 26, 2024.”
Meanwhile the state denied that Dr. Adedeji Adeleke had interest in Segilola Gold Resources.
Dr. Adedeji is the elder brother of the Osun State Governor, Senator Ademola Adeleke.
Bolorunduro said it would not have been morally right for the Governor to come out publicly to query Segilola tax evasion if his brother is one of the interest parties of Segilola.
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