Non-remittance of 1% Stamp Duty

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

MDA

Federal College of Freshwater Fisheries Technology, New Bussa

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦200,893,740.00

Unaccounted

₦₦2,008,937.40

Context/Observation

1.The sum of N200,893,740.00 (Two hundred million, eight hundred and ninety-three thousand, seven hundred and forty naira) was paid for contracts awarded in 2017 and 2018.
2 The College failed to deduct and remit statutory 1% Stamp Duty oF
N2,008,937.40 (Two million, eight thousand, nine hundred- and thirty-seven-naira, forty kobo) from payments to the contractors as required by extant regulations.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

1. Furnish reasons why statutory 1% Stamp Duty was not deducted from payments to contractors.
2. Recover the sum of N2,008,937.40 (Two million, eight thousand, nine hundred and thirty-seven naira and forty kobo) from the contractors and remit same to relevant 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 Regulations

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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