The House of Representatives Public Accounts Committee has issued a directive to Guaranty Trust Bank (GTBank) to calculate and remit the Value Added Tax (VAT) on commissions received from Remita transactions between 2015 and 2022.
This decision followed an inquiry into the bank's financial dealings during that period, revealing potential gaps in VAT remittance.
The committee stressed that all commissions earned from facilitating payments through the Remita platform were subject to VAT, and any unremitted taxes must be addressed immediately.
GTBank has been asked to review its records, calculate the total VAT due on these commissions, and transfer the funds to the Federal Government without delay.
The committee warned that failure to comply would result in further investigations and potential sanctions.
This move is part of a broader effort by the government to ensure compliance with tax regulations across various sectors, as they seek to boost revenue generation and close loopholes in the financial system. The bank is yet to issue a statement regarding the directive.
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