Reps committee summon banks, consultants over under remittance of education tax

on Tuesday, May 28, summoned all banks operating in the country and their tax consultants to appear before it alongside its tax consultant to reconcile the Education tax computation not remitted to TETFund by the bank between 2011 and 2022.

“The bone of contention has always been that the banks seem to be relying on a purported exemption order which clearly mentioned the company income Tax exemption order of 2011. We have asked the banks to produce an EDT exemption order and they have failed to present it, we have equally presented it to them but you cannot like one exception with the other

“So, I am very sorry, I don’t have the breakdown by year, but I have the summary over the period. We had net accessible profits of N28 billion, which is the difference between the allowable and the disallowable expenses on the PBT we posted over the period. He said further that there were issues that could not be resolved at the committee hearing, adding that “what you have are items that are classified as taxable. We have some differences based on the provision of the exemption order that was issued by the President in 2011. That’s why I said some of these issues we will not be able to resolve at this sitting.“It is good we have time, and I believe this does not just apply to First Bank because it’s an issue that applies to other banks as well.

Source: Education Headlines (educationheadlines.net)

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Court dismisses defamation suit against The Nation Newspaper, AsishanaThe Nation Newspaper Court dismisses defamation suit against The Nation Newspaper, Asishana
Source: TheNationNews - 🏆 6. / 69 Read more »

Reps committee summons Environment minister, NEMA DG over erosion, floodingThe Nation Newspaper Reps committee summons Environment minister, NEMA DG over erosion, flooding
Source: TheNationNews - 🏆 6. / 69 Read more »

Reps honour Obasa’s fatherThe Nation Newspaper Reps honour Obasa’s father
Source: TheNationNews - 🏆 6. / 69 Read more »

Reps decry failure to lift ban on sachet drinkThe Nation Newspaper Reps decry failure to lift ban on sachet drink
Source: TheNationNews - 🏆 6. / 69 Read more »

Reps begin review of 305 Memoranda, 112 bills on constitutional amendmentThe Nation Newspaper Reps begin review of 305 Memoranda, 112 bills on constitutional amendment
Source: TheNationNews - 🏆 6. / 69 Read more »

Why students of Military schools be admitted into NDA, by RepsThe Nation Newspaper Why students of Military schools be admitted into NDA, by Reps
Source: TheNationNews - 🏆 6. / 69 Read more »