FAAC queries N26.7bn shortfall in FIRS revenue remittancesvalid until: 24 May 2020date published: 24 May 2019
The Federation Accounts Allocation Committee (FAAC) has queried revenue shortfall of about N26.7 billion cby the Federal Inland Revenue Service (FIRS). The amount is in variance to the balance in the Central Bank of Nigeria (CBN’s) coffers. The difference in the figure spread across revenue channels under the purview of FIRS. These include the Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Company Income Tax (CIT).
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The Chartered Institute of Taxation of Nigeria (CITN), has said the non-remittance of taxes by some Federal Government agencies is frustrating efforts in enforcing compliance from individuals and corporate organisations. CITN, which argued that the development is worrisome, accused such agencies of not showing good example in compliance processes.Read more; https://innerkonsult.com/non-remittance-of-taxes-by-mdas-frustrates-compliance/Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com
date: 25 Jun 2019 - 25 Jun 2020
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