Firms’ failure to remit 1% profit to NYSC fund attracts jail term

According to the bill which is awaiting second reading at the House, the Fund would be financed with a levy of one per cent of the net profit of companies and organised private sector operating in Nigeria.

It will also be financed with 0.2 per cent of total revenue accruing to the Federation Account; and any take-off grant and special intervention fund as may be provided by the federal, state and local governments. Other sources of fund include “such money as may be appropriated to meet the objective of this Act by the National Assembly in the budget; aids, grants and assistance from international bilateral and multilateral agencies, non-governmental organisations and the organised private sector; grants, donations, endowments, bequests and gifts, whether of money, land or any other property from any source; and money derived from investment made by the Trust Fund.

“Notwithstanding the provisions of Sub-section and of this section, where any company or sector or corporate body liable to file a return on the levy under this Act fails in any year to file such return, the Service, if it is of the opinion that such a company or sector or corporate body is liable to pay the levy, may, according to the best of its judgment, determine the amount of assessable profit of such company and make an assessment of the levy in accordance with the provisions of this Act.

they are insensitive to survival of businesses. Tax every politician electee/appointee 1% of their free pay. nysc is a military invention to keep you stagnant/distracted and it is overdue for scrapping. voluntary private youth services has existed for youths before nysc came

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