Audit observed that amounts totalling N597,957,377.65 were deducted from staff salaries as Pay As You Earn (PAYE) tax over the years, but not remitted to the appropriate tax authorities as at the time of audit in February 2017.
It should be noted that non-remittance of tax deductions deprives government of resources that would have been used for the provision of public goods and services.
The Managing Director is required to remit the sum of N597,957,377.65 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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