The federal government has mandated all ministries, departments and agencies of government (MDAs) and the Federal Inland Revenue Service (FIRS) to authenticate all tax clearance certificates (TCCs) presented by companies and individuals engaged in public procurement processes.
This directive is in response to the proliferation of forged TCCs purportedly issued prior to the automation of the certificates from August 22, 2017. The validation of the TCCs would enhance the integrity of the tax system.
A circular issued on Tuesday by the minister of finance, Mrs. Kemi Adeosun, requires the MDAs to authenticate all TCCs prior to making any payment.
For TCCs issued before August 22, 2017, the circular advised the MDAs and other stakeholders to forward a list of the companies and photocopies of the TCCs to the office of the executive chairman, FIRS for authentication. The FIRS has undertaken to verify the TCCs within 72 hours of receipt.
The minister reminded company directors that possession was an offense. The now outdated manual system allowed production of forged TCCs. Companies and individuals in doubt as to the authenticity of their TCCs are advised to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise.
She added that the Federal Ministry of Finance and the FIRS would continue to work in partnership with government at all levels and stakeholders towards eradicating tax fraud and evasion.
The federal government had in January 2018, directed vendors of MDAs to display their Tax Identification Numbers (TINs) on their invoices before payments are effected.
The non-presentation of a TIN by the vendors largely contributed to leakages in revenue remittances, particularly Value Added Tax (VAT) and Withholding Tax (WHT).
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
COVER STORIES9 hours ago
NASS Adopts 4th Version Of Electoral Amendment Bill
NEWS21 hours ago
Cash Transfer Programme Kicks Off In Abuja
NEWS11 hours ago
Proposed West African Science Academy Will Spur Regional Devt – Onu
NEWS10 hours ago
‘We ‘ll Not Allow Obaseki Suffer Ambode’s Political Ordeal’
NEWS13 hours ago
Russia Blames Israel For Shooting Down Plane
ENTERTAINMENT11 hours ago
Linda Ikeji Shows-off New Born Baby
NEWS15 hours ago
Poor Masses, Buhari’s Strongest Support Base – Oshiomhole
COVER STORIES10 hours ago
Dariye Picks APC Nomination Form From Prison