Non-Deduction Of 1% Stamp Duty From Contractors

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Federal Medical Centre Owo, Ondo State

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦225,893,459.00

Unaccounted

₦₦2,258,934.59

Context/Observation

1. The sum of N225,893,459.00 (Two hundred and twenty-five million, eighthundred and ninety-three thousand, four hundred and fifty-nine naira) was paid to contractors in 2019 for various contracts,
2. There was no evidence to show that the mandatory 1% stamp duty amounting to N2,258,934.59 (Two million, two hundred and fifty-eight thousand, nine hundred- and thirty-four-naira, fifty-nine kobo) was deducted from the payments to the contractors as required by extant regulations.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

1.Provide reasons why statutory 1% stamp duties were not deducted from payments to contractors.
2. Recover the sum of N2,258,934.59 (Two million, two hundred and fifty-eight thousand, nine hundred- and thirty-four-naira, fifty-nine kobo) and remit same to appropriate tax authorities.
3. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
4. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue specified in paragraph 3112 of the Financial

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non compliance Audit report of the FG

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  • Submitted Petition History
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