Revenue Mobilization Allocation and Fiscal Commission, has recovered
fifty-seven point seven billion naira unremitted tax revenue from
banks.
The Head, Public Relations of the Commission, Mr. Ibrahim Mohammed,
who disclosed in a statement, in Abuja, said that the Federal
Government’s share of forty-eight point seven billion naira had been
paid into the Federation Account.
He added that the balance of nine point seven billion naira, which
relates to withholding tax of dividends, has also been paid to the
beneficiary state governments.
In an earlier exercise covering January 2008 to June 2012, Revenue
Mobilization Allocation and Fiscal Commission had recovered four point
two billion naira from the banks, promising that more recoveries would
be made.
The commission insisted that its on-going monitoring and verification
exercise on tax collections by Deposit Money Banks appointed by the
Federal Inland Revenue Service and Nigeria Customs Service was in
order as it falls within its mandate as contained in Section six
sub-section one of the Revenue Mobilization Allocation and Fiscal
Commission Act, 2004, which provides that the commission shall have
powers to, among others monitor the accruals to and disbursement of
revenue from the Federation Account.
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