Nigeria Business Information
No Result
View All Result
Friday, May 20, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

Firms Owing Over N17bn Tax Remittances Not Traceable – FIRS

by SAMUEL Olugbenro
August 16, 2021
in Nigeria News
Federal Inland Revenue Service - Firs

The Senate ordered the Executive of the Federal Inland Revenue Service, Muhammad Mamman Nami to go after the defaulting agencies for recovery of tax and remit it into Consolidated Revenue Fund (CRF) within 90 days. The agency has therefore owned up to N17.69 billion tax evasion by some companies whose addresses it claimed could no longer be traced.

Sequel to to the queries issued against Federal Inland Revenue Services and 104 other public agencies by the Office of Auditor – General of the Federation (AuGF) in the 2015 Audit report the Senate ordered the Executive Chairman of FIRS, Muhammad Mamman Nami, to go after the defaulting agencies for recovery of tax and remit it into Consolidated Revenue Fund (CRF) within 90 days. The agency has therefore owned up to N17.69 billion tax evasion by some companies whose addresses it claimed could no longer be traced.

READ ALSO: Four Power Projects to Benefit from $2.5m, N498.2m

The decision by the Senate was sequel to the queries issued against FIRS and 104 other public agencies by the Office of Auditor – General of the Federation (AuGF) in the 2015 Audit report which was sustained and adopted by the Senate after considering the report of its Committee on Public Accounts as presented by the Chairman, Senator Mathew Urhoghide.

The upper legislative chamber also directed FIRS to sanction its officers involved in alleged overlapping contracts and splitting between 2014 and 2015 and remit N32.44 million into government coffers within 90 days with evidence of compliance submitted to the Auditor – General and the Senate Public Accounts Committee.

RelatedPosts

Caritas Nigeria- Request To Quote For The Supply Of ICT Materials

Foundation For Partnership Initiatives In The Niger Delta (PIND)- Requests For Proposal For Interventions To Mitigate The Herder-Farmer Conflict In The Niger Delta

Nigeria Sovereign Investment Authority (NSIA)- Expression Of Interest For Procurement, Configuration And Migration Of It’s Infrastructure Sited At Maitama, Abuja

In the query on the N17 billion unrecovered taxes by FIRS, the AuGF had said the Federal Inland Revenue Service failed to recover the total sum of N17.69 billion from different companies in the year under review. The unrecovered taxes, is said to be made up of Value Added Tax (VAT), Company Income Tax (CIT), Withholding Tax (WHT), Education Tax (EDT) and NITDEF.

In its response to the query, FIRS said it had recovered N2.87 billion but actual receipted recoveries made by FIRS was N273.03 million, leaving a balance of N17.41 billion to be recovered. Several companies were also discovered to have defaulted in filling their Annual Returns many of which FIRS said could not be located due to change of addresses.

Adopting the report before going on annual vacation, the Senate directed the Chairman of FIRS to recover the money and pay to the Consolidated Revenue Fund, while it also called for blacklisting of all companies that failed to file their annual returns.

The upper legislative chamber also took tougher stand over alleged contract overlapping and splitting by some officers of the revenue-generating agency by calling for their identification and sanctioning.

Another query by the AuGF against the FIRS reads: “A contract for the sum of N32, 667,600.00million awarded by FIRS, was split and distributed to four companies, whose submissions were earlier rejected mainly to accommodate the approval ceiling of the Chairman, contrary to Financial Regulations 2921.

In adopting the report of the Auditor-General, the Senate directed FIRS to pay the contract sum back into government coffers and submit evidence of compliance to the office of Auditor General of the Federation and its Committee on Public Accounts. The FIRS has about 60 days left, to make the required recoveries and remittances into the government coffers through the Consolidated Revenue Fund (CRF).

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

ShareTweetShare

POPULAR

  • Tenders And Contracts Info - May 2022

    Check List of NGO/Governments Tenders with May 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • National Commission For Refugees, Migrants And Internally Displaced Persons (NCFRMI)- Expression Of Interest/Invitation To Tender For 2022 Constituency In Capital And Zonal Intervention Projects (107 Lots)

    0 shares
    Share 0 Tweet 0
  • German Cooperation- Invitation To Tender For The Provision Of Construction And Engineering Services

    0 shares
    Share 0 Tweet 0
  • How to Check Your Ikeja Electric (IKEDC) E-bills Online

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.