A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.The Senate has mandated its Committees on Banking, Insurance and Financial Institutions, to investigate Withholding Tax revenues on both bank deposits and dividends.
Ekwunife, in her presentation, disclosed that “Central Security and Clearing System and Banks in Nigeria do not remit Withholding Tax on Deposit and Dividend to State Governments as and when due.” “The need for states to increase their Internally Generated Revenue has become imperative given the dwindling revenue from the federation account which has left various State Governments in Nigeria with the task of formulating strategies to improve the revenue base of their states,” Ekwunife added.
Ekwunife, however, opined that the leakages with respect to remittance of Withholding Tax can be addressed using modern tax solutions and information technology.
'Senate To Investigate'
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