Senate probe banks over alleged under remittance, non-remittance of withholding tax
It also mandated its Committee on banking, Insurance and other Financial institutions to investigate and ensure that all withholding tax revenues on both bank deposits and dividends are recovered and reported back in four weeks.
These resolutions followed an adopted motion sponsored by Senator Uche Ekwunife representing Anambra Central, titled, “Digitization/automation of collection and remittance of withholding tax on bank Deposits and Dividends payment for enhanced state governments internally generated revenue. The lawmaker also emphasised that withholding tax on bank deposits and dividends remains one of the major sources of revenue but has been difficult for the states to track.
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