The Federal Government has concluded plans to stop transacting businesses with companies that do not provide details of whom their directors are.
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This, according to the government, has become imperative because it has been quite difficult to trace those companies for tax purposes.
The Minister of Finance, Kemi Adeosun, disclosed this to State House reporters yesterday after the Federal Executive Council (FEC) meeting.
She said the FEC directed the Secretary to the Government of the Federation, Babachir Lawal, to issue a circular asking ministries, departments and agencies of government to stop treating documents from defaulting companies.
She said the Accountant-General of the Federation had equally been directed to effect payment to only companies that fully comply with the law with a view to making all those doing business with and making money from the government pay the right taxes.
Adeosun said the SGF was particularly directed "to remind companies that there is an existing provision in the law that companies are supposed to have on their letter headed papers, the names of their directors and their registered offices.
"But what we have seen is that many bodies that are transacting business with government simply have the names of the company and no details of whom the directors are.
"So, for tax purposes, it is quite difficult to trace them. So, the SGF will be issuing a circular reminding agencies and ministries of government that it is the law and therefore, they are at liberty not to treat any document that doesn't comply with the law."
The minister also disclosed that the FEC formally endorsed the N500 million eurobond recently approved by the National Assembly.
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