Citibank and Fidelity bank, on Monday, appeared before the House of Representatives joint committees on finance, and banking and currency over revenue leakages.
According to the co-chairman of the panel, James Faleke, the hearing is to find the alleged $30 billion lost between 2005-2019.
Mr Faleke, who the chairman committee on finance, said the investigation will examine the revenue leakages and loopholes in the system, that have contributed to a loss of over $30 billion in annual federation tax revenue between 2005 and 2019.
He noted that the documents received from target agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportations, manufacturing and Telecommunications, show there are infractions by some entities.
Ngozi Omoke, the representative of Citibank, said the committee made errors in the system of computing the total deductions.
“The following items are not subject to VAT or withholding tax: advertisement, airline remittances, principal loan repayments. What attracts withholding tax is interest on loan repayment, not the principal itself.”
Following back and forth between Mr Faleke and Ms Omoke, the committee resolved that the bank should provide more documents to clarify.
Hassan Imam, from Fidelity bank, also appeared before the committee.
Mr Faleke also directed the banker to provide the committee with the list of customers involved in capital importation and their evidence of tax payment.
“Advertisement, airline remittances, principal loan repayments” are not
Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…
Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…
The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…
The black market dollar to naira exchange rate for today, 22nd December 2024, can be…
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…
Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…