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.
