The House of Representatives is to investigate an alleged loss of over 30 billion dollars annually as a result of revenue leakages arising from tax...
The House of Representatives is to investigate an alleged loss of over 30 billion dollars annually as a result of revenue leakages arising from tax evasion, malpractices, mis-use and diversion of foreign exchange allocations by companies and other entities.
The leakages he said arose from various malpractices in foreign exchange allocation to companies from sources such as CBN, autonomous, interbank, domiciliary and over the counter purchases for importation of physical goods, payments of foreign service vendors, dividend repatriation, foreign loans and interest payment including foreign currency denominated contracts payment by companies in engineering, procurement, construction, installation and marine transportations.
He said that in the past years, Nigeria has not been able to fund capital aspect of its Appropriation yearly as a result of the lack of funds due to low remittances of revenue by revenue generating agencies, low payment of taxes by private companies and diversion of expected revenue by corporate organisations.
He also alleged fictitious transfer of forex allocation for the payments of dividends to foreign shareholders of Nigeria companies above the dividend approved by the company’s board of directors and audited accounts thereby leading to evasion of statutory 30% company income Tax thereof. He also disclosed that there was gross abuse of millions of dollars in forex allocation to companies for the purpose of payment of foreign vendors for services rendered in Nigeria while the companies were in most cases found to have evaded the then statutory 5% Value Added Tax and 5% With Holding Tax accordingly.
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