i.Payments to twelve (12) contractors amounting to N154,008,449.11 were not subjected to statutory 1% stamp duty.
ii.The 1% stamp duty due on the payment amounted to N1,540,084.49
iii. There was an overpayment of N1,540,084.49 to the contractors/consultants in contravention of the circular under reference.
The Managing Director is requested to:
I.Furnish reasons why statutory 1% Stamp Duty was not deducted from payments to contractors
II.Recover from the affected contractors and remit N1,540,084.49 to relevant tax authorities.
III.Forward the evidence of remittance to the Public Accounts Committees of the National Assembly
IV.Otherwise, sanctions relating to surcharge and prosecution by the EFCC specified in paragraphs 232 (iii) & 3113 of the Financial Regulations respectively will be applied.
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