Reps Summon Bank Chiefs Over Poor Tax Remittances

The House of Representatives Committee on Finance has summoned the chief executive officers of 24 banks involved in the nation’s tax collection to explain poor revenue record.
The chairman of the committee, Mr. Abdulmumini Jibrin, speaking at a meeting with the officials of the Federal Inland Revenue Services (FIRS), said the bank CEOs are to shed light on the guidelines for collecting taxes.

The acting chairman of the FIRS, Mr Kabir Mashi, disclosed that banks have remitted the sum of N77 billion from taxes in five years instead of N83 billion that is expected from them.

Mr. Mashi explained, however, that there were some delayed remittances from the designated banks, which act as tax collecting agents before paying in what they collected into the Central Bank of Nigeria’s pull account.

Source: Channels