• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
Tuesday, July 5, 2022
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

FIRS Begins Recovery Of Unremitted Tax Deductions By States, LGAs

by Mark Itsibor
1 month ago
in Business, Cover Stories
0
FIRS
Share on WhatsAppShare on FacebookShare on TwitterTelegram

 The Federal Inland Revenue Service (FIRS) has said it will commence the process of enforcement and recovery of unremitted tax deductions owed by some states and local government areas in the country.

The revenue agency made the disclosure in a public notice, signed by its chairman, Muhammad Nami. Nami said most states and local governments have failed to remit to the service withholding tax and Value Added Tax (VAT) deductions from payments made to contractors and service providers by them as required by law.

Citing relevant portions of tax laws, the FIRS said ministries, departments and agencies of government, as well as parastatals and other establishments were mandated by law to deduct certain taxes while making payments to third parties and remit those deductions to the FIRS.

“The provisions of Sections 78(3), 79(3), 81 of the Companies Income Tax Act (CITA), and Sections 9(I), 13(1) of the Value Added Tax Act (VATA), mandate Ministries, Departments and Agencies of Government (MDAs), Parastatals and other establishments to deduct withholding tax and VAT while making payments to third parties and remit same to the Service.

“By the provisions of the relevant laws, States and Local Governments are statutorily mandated, as agents of collection, to deduct at source and remit to the Service, all taxes deducted, within twenty-one days,” the notice read.

It further stated that most states and local governments have failed to comply with these provisions of the law, despite appeals from the FIRS.

“However, it is regrettable to note that most of the States and Local Governments have failed in their responsibilities of remitting withholding and VAT deducted from payments made to contractors and service providers as required by law.

RELATED

buhari

EU Advocates Sustainable Devt Of Vibrant Diversified Nigerian Economy

15 hours ago
Financial Inclusion: KongaPay, UK’s Bibimoney To Onboard 65m Nigerians

Financial Inclusion: KongaPay, UK’s Bibimoney To Onboard 65m Nigerians

16 hours ago

“The implication is the huge tax debts owed by the States and Local Governments.

“All entreaties by the Service to ensure the remittance of the established unremitted tax deductions by the defaulting States and Local Governments have been unsuccessful as a result of lack of cooperation in adopting the e-payment platforms provided by the FIRS for a seamless deduction and remittance of these taxes.”

The FIRS has stated that it will consequently advise the federal government and the Minister of Finance, Zainab Ahmed to henceforth decline approval of any request for the issuance of state bonds or other securities in the capital market; as well as requests for external borrowing and approval for domestic loans from commercial banks or other financial institutions by any of the state and local governments with outstanding unremitted tax deductions.

The tax authority stated that it would also publicly name and shame the defaulting states and local governments while publishing the amounts owed in unremitted tax deductions.

It further stated that it would also invoke the provisions of section 24 of its establishment Act which empowers the Accountant General of the Federation to deduct at source, from the monthly Federal Account Allocation Committee (FAAC) allocations, un-remitted taxes due from any government agency and to thereafter transfer such deductions to the Federation Account and notify the Service.

The FIRS called on the defaulting states and local governments to promptly remit all unremitted tax deductions within 30 days of the publication of the Notice to avoid it taking these enforcement actions.

Tags: FIRSTax
SendShareTweetShare
ADVERTISEMENT
Previous Post

Victory For LGs’ Fiscal Autonomy

Next Post

FEC Okays NNPC, ECOWAS’ Nigeria-Morocco Gas Pipeline Deal

ANOTHER GOOD READ

buhari
Business

EU Advocates Sustainable Devt Of Vibrant Diversified Nigerian Economy

15 hours ago
Financial Inclusion: KongaPay, UK’s Bibimoney To Onboard 65m Nigerians
Business

Financial Inclusion: KongaPay, UK’s Bibimoney To Onboard 65m Nigerians

16 hours ago
Dangote Cement’s Past Consumer Promo Winners Recount Gains
Business

Dangote Cement’s Past Consumer Promo Winners Recount Gains

17 hours ago
BON Hotels Expands Operations In Nigeria, Ghana
Business

BON Hotels Expands Operations In Nigeria, Ghana

17 hours ago
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Private Sector: Purchasing Managers’ Index Hits 17-month Low On Cash Shortages

17 hours ago
NPA Remits N45bn To Consolidated Revenue Fund
Business

NPA Offers Tariff Relief To Attract Patronage To Calabar Port

17 hours ago
Next Post
FEC Okays NNPC, ECOWAS’ Nigeria-Morocco Gas Pipeline Deal

FEC Okays NNPC, ECOWAS’ Nigeria-Morocco Gas Pipeline Deal

LATEST UPDATES

PDP

Osun Poll: Vote Buying, Rigging Won’t Save APC, Oyetola – PDP Group

July 4, 2022
JUST-IN: Kaduna APC Gov’ship Candidate Picks Serving Deputy Gov As Running Mate   

JUST-IN: Kaduna APC Gov’ship Candidate Picks Serving Deputy Gov As Running Mate  

July 4, 2022
JUST-IN: We Will Call Off Strike Moment Federal Govt Accepts UTAS – ASUU

JUST-IN: We Will Call Off Strike Moment Federal Govt Accepts UTAS – ASUU

July 4, 2022
Money Laundering: ICPC Calls For Self-regulation By Estate Developers

Money Laundering: ICPC Calls For Self-regulation By Estate Developers

July 4, 2022
Pantami Tasks MTN On Additional Investments As NIN-SIM Linkage Tops 85m

Blockchain: Federal Govt To Fast-track Healthy ICT Ecosystem For Emerging Technologies

July 4, 2022
US Senate Wants Nigeria Designated As ‘Country Of Particular Concern’

Federal Govt Replies US Senators On Alleged Persecution Of Christians In Nigeria

July 4, 2022
FCTA Demolishes Multiple Illegal Structures In Gwarimpa District

FCTA Demolishes Multiple Illegal Structures In Gwarimpa District

July 4, 2022
JUST-IN: Lagos Govt Shuts School Over 5-yr-old Pupil’s Death

JUST-IN: Lagos Govt Shuts School Over 5-yr-old Pupil’s Death

July 4, 2022

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.