Payment of PAYE from Company’s Profit

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

MDA

Nigerian Security Printing and Minting Plc

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦56,328,778.79

Unaccounted

₦₦56,328,778.79

Context/Observation

I.The sum of N45,073,290.00 was paid to the Federal Inland Revenue Services as Pay as You Earn (PAYE) vide payment voucher No. 000301 dated 5 April, 2017
II.The sum of N11,255,488.79 was paid to the Federal Inland Revenue Services as PAYE vide payment voucher No. 001164 dated 20 September, 2017
III.The company charged the payments against its profit in 2017 income statement, instead of charging it against the emoluments of the affected management and staff.
IV.This action reduced the company’s earnings in 2017 by N56,328,778.79 and by implication reduced the corporate tax payment to FIRS and Government revenue by N16,898,633.64 (that is, 30% of N56,328,778.79)

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director/Chief Executive Officer is requested to:
i.Justify the payment of PAYE amounting to N56,328,778.79 from the company’s profit
ii.Recover the sum of N56,328,778.79 from the beneficiaries and remit same to government treasury, forwarding evidence of remittance to the Public Accounts Committees of the National Assembly
iii.Otherwise, sanctions relating gross misconduct and failure to collect and account for government revenue in Financial Regulations 3129 and 3112, respectively will apply.

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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