Audit observed from the examination of salaries payrolls for the period 1st January 2012 to 31st
December 2017 that Pay As You Earn (PAYE) tax was grossly under deducted from staff salaries. A re-computation of the tax using template prescribed by Personal Income Tax (Amendment) Act, 2011 and comparing the result with actual tax deducted, from January to December 2017, revealed an under deduction of N1,446,887,167.70. This act appears to be a way of evading tax whereby both the Federal and States governments are deprived of revenue.
The Managing Director is required to justify the sum of N1,446,887,167.70, being underdeduction of PAYE for the period under review, otherwise the amount should be collected and remitted to the appropriate tax authorities with evidence of remittances forwarded to the Public Accounts Committees of the National Assembly and to my office for verification. In addition, sanctions provided for under Section 74(1) of Personal Income Tax (Amendment) Act, 2011 Should apply.
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