The Office of the Account-ant General of the Federation and the Joint Tax Board (JTB) are set to establish a joint reconciliation team to reconcile variation observed in the monthly PAYE tax remittances.
The accountant-general of the federation, Ahmed Idris made the statement when the JTB Secretary, Obomeghie Nana-Aisha led members of the JTB on a courtesy visit to his office.
Idris said the joint team will comprise officers from both agencies and will sit monthly to resolve issues concerning non remittances and variations observed in remittance of monthly PAYE tax, according to a statement that was issued by the OAGF’s office yesterday.
“I recommend that all matters concerning non remittances, figures not agreeing on month by month basis as far as deductions are concerned, can easily be addressed if we have a common joint reconciliation team that will be sitting monthly, made up of officers from the OAGF and the JTB. Let there be an established team that will be looking at these figures,” he said.
The AGF who was responding to the Secretary of the JTB’s observation regarding fluctuation and inconsistencies in PAYE tax remittance, explained that variations in figures from time to time could be due to many legitimate reasons, adding that such differences are always corrected through reconciliation of records.
“There are many legitimate reasons why variation arise from time to time, it is known to us as accountants that figures will never be the same from one period to another. That is why in accounting, reconciliation exercise is recognised so that figures are harmonised and the cause of the variations are revealed”, he said.