Nigeria’s parliament has ordered the Federal Inland Revenue Service (FIRS) to press the various ministries, official departments and public agencies, who owe a total of NGN5.37bn (USD36.5m) in back taxes, to pay up immediately.
The overdue amounts comprise collections of value-added tax, withholding tax and pay-as-you-earn income tax, which have been collected by the bodies concerned but have not been remitted to the FIRS.
The FIRS was asked to organize a system whereby it could track revenues due to it, and be alerted when any taxes became overdue. In the meantime, the accountant-general of the federal government was authorized to deduct at source all such arrears.
In addition, the Nigerian National Petroleum Corporation (NNPC) was requested to transfer to the FIRS all funds received from oil sales, without the prior netting of the petroleum product subsidies due from the federal government. It has been calculated that, on that basis, NNPC could owe around NGN450bn to the federal coffers.
NNPC was reminded that, according to the tax regulations, the Petroleum Product Pricing and Regulatory Agency was the only body that has responsibility for determining and paying petroleum product subsidies.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment