GTBank To Remit 8 Years VAT To FG
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One of the branches of Guaranty Trust Bank, GTB, in Nigeria
The House of Representatives has ordered Guaranty Trust Bank (GTB) to calculate and remit Value Added Tax (VAT) on the commission it received from Remita between 2015 and 2022 to the Federal Government recovery account.
Hon. Bamidele Salam from Osun State, a PDP member and the Chairman of the Public Accounts Committee (PAC), of the lower chamber, gave the directive on Thursday during the ongoing investigation into alleged revenue leakages through REMITA platform.
The directive to GTBank followed a unanimous resolution of the committee after scrutinizing the records and listening to the management of the bank.
The committee raised concerns about the non-remittance of VAT during the initial phase of the Remita transactions.
Aside from that, the committee is also investigating non-compliance with the standard operating procedure and other related matters.
Earlier in GTBank’s defence, the Executive Director of GTB, Mr Ahmed Liman, said the bank did not remit the VAT for a period of eight years because it believed that Remita had deducted the VAT before sharing commissions with the bank.
NAN
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