Non-Remittance of Statutory VAT and Withholding TAX

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

MDA

Federal Polytechnic Idah, Kogi State

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦36,396,146.38

Context/Observation

Audit observed that, the Polytechnic deducted VAT and WHT from contractors in the sum of N36,396,146.38, but failed to remit same to the appropriate tax authorities, in this case, the Federal Inland Revenue Service (FIRS), in line with the provision of the law.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Rector is required to remit the sum of N36,396,146.38 to the Federal Inland Revenue Service (FIRS) and the evidence forwarded to the Public Accounts Committee of the National Assembly for verification, failing which sanction stated 234(ii) & (iii)

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report of FG

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