i. The sum of N19,840,081.29 (Nineteen million, eight hundred and forty thousand, eighty-one naira, twenty-nine kobo) was deducted as Statutory 1% Stamp Duty from payments to Contractors/Consultants, and
ii. The above amount was paid back to the Contractors/Consultants instead of remitting the money to the Federal Inland Revenue Service (FIRS) contrary to the provisions of extant regulations
Recommendations
The Director/CEO is requested to:
1. Furnish reasons why 1% Stamp Duty deducted from contractors/consultants was paid back.
2.Recover the sum of N19,840,081.29 from the Contractors/Consultants being 1%Stamp Duty, deducted and remit same to relevant tax authorities.
3.Forward evidence of remittance to the Public Accounts Committees of the National Assembly
4. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue specified in paragraph 3112 of the Financial Regulations
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