06
JulBetween 2010 and 2019, the House of Representatives launched an investigation into the actions of two money deposit banks, alleging underpayment of Withholding Tax (WHT) and Value Added Tax (VAT), as well as foreign exchange leakages totaling $28.048 billion. According to the report of the House of Representatives Committee on Finance, Banking, and Currency’s first phase investigation, one of the banks allegedly underpaid WHT and VAT worth $2,838,296,330.74 and was involved in foreign exchange leakages totaling $25,199,851,112.97 during the period under consideration. Another bank was charged with $9,963,335.72 in tax and foreign exchange violations, according to the article. Chairman of […]
29
JunThe joint committees on finance, banking, and currency of the House of Representatives have launched an investigation into tax leakages that cost the federal government $30 billion between 2005 and 2019. Revenue remittance into the federation account has been a source of worry. The examination targets agencies and enterprises in banking, oil exploration, engineering, procurement, building, installation, marine transportations, manufacturing, and telecommunications, according to Abiodun Faleke, chairman of the finance committee, who spoke during a hearing on Monday. According to Faleke, the joint committee also discovered irregularities in “the inflow of foreign investments, such as equity, foreign cash loans, and[…]