“We are sending out thousands of letters to those in the high risk categories. But our advice is that every person and every company should do a self-assessment and take advantage of VAIDs to correct any under declaration, irrespective of whether they get a letter,” she added.
The monthly meeting usually held to consider and approve revenue allocation to the three tiers of government was abruptly adjourned indefinitely when members found that the details of revenues actually remitted to the Federation Account for sharing did not add up to what was earlier presented to the FAAC Secretariat.
The figure is N184.38 billion less than the N652.23 billion disbursed to the three tiers of government in July 2017, representing a drop of 28.3 percent.
He disclosed the distributable statutory revenue for the month is N387.852 billion while VAT collected for distribution stood at N80.533 billion.
“Given that this is the first time we are doing this, we are very impressed with the compliance rate. We commend the high fliers and call for improvement from others. We want to see a situation where all the entities score 100 per cent possibly by next year.”
“According to Federal Inland Revenue Service (FIRS), the total number of taxpayers in Nigeria is just 12,649,654 as at April 2017. Of these, 96 per cent have their taxes deducted at source under PAYE and just four per cent comply with Direct Assessment.”
The oil major said $1.18bn was paid to the Federal Inland Revenue Service as taxes, $160.71m and $239,189 to the Department of Petroleum Resources (DPR) as royalties and fees, respectively, and $125.14m to the Niger Delta Development Commission (NDDC) as fees.
The trace of the alleged missing fund believed to have been stolen and diverted to a foreign destination, was contained in the two documents submitted by the Nigerian National Petroleum Corporation (NNPC) at the committee’s sitting.
The allocation was made using the revenue sharing formular, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent. The report showed that before distribution, state liabilities were deducted.
The scheme takes off on May 1 for up to six months and will offer a window for those who, before now, have not complied with extant tax regulations to remedy their positions by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.
