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Home Business & Finance

House of Representatives Directs GTB to Remit Unpaid VAT on Remita Commissions

Nnaemeka OkwarabyNnaemeka Okwara
September 14, 2024
in Business & Finance
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House of Representatives Directs GTB to Remit Unpaid VAT on Remita Commissions
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The House of Representatives’ Public Accounts Committee has instructed Guaranty Trust Bank (GTB) to remit outstanding Value-Added Tax (VAT) on commission earned through the Remita platform from 2015 to 2022. The committee’s chairman, Bamidele Salam (PDP-Osun), issued this order during an ongoing inquiry into alleged revenue leakages via Remita.

Remita is a financial technology platform that facilitates revenue collection for the federal government into the Treasury Single Account (TSA). According to Ahmed Liman, GTB’s executive director, the bank failed to remit VAT for eight years, assuming Remita had deducted tax before sharing commissions.

“We believed Remita was responsible for sharing commission fees between payment-receiving parties and had done the needful before sharing fees,” Liman explained.

In 2018, the bank charged 0.75% on all Remita transactions and received N254,489,013 from the Accountant General via the same channels. The committee will also inspect records from Keystone Bank, Zenith Bank, and others.

This order aims to ensure adherence to tax laws and prevent revenue loss.

Tags: federal characterGTBHouse of RepresentativesHouse of Representatives Directs GTB to Remit Unpaid VAT on Remita CommissionsNewsRemitavat
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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