[BREAKING NEWS]: GTBank Ordered to Refund VAT Commission for Eight Years
[BREAKING NEWS]: GTBank Ordered to Refund VAT Commission for Eight Years
The Public Accounts Committee (PAC) of the House of Representatives has directed Guaranty Trust Bank (GTBank) to calculate and remit Value Added Tax (VAT) on commissions received via the Remita platform from 2015 to 2022. The VAT collected is to be paid into the federal government's recovery account.
PAC Chairman Rep. Bamidele Salam issued the order during an investigative hearing into revenue leakages associated with the Remita platform and lapses in compliance with service agreement procedures. The committee highlighted issues concerning VAT remittance and fee collection during the initial phase of Remita transactions.
GTBank's Executive Director Ahmed Liman explained that the bank had not remitted VAT over the past eight years, believing Remita was responsible for managing commission distributions and tax deductions.
The committee has now instructed GTBank to remit the VAT to the Central Bank of Nigeria's federal recovery account. Other banks with similar issues will be reviewed by a reconciliation sub-committee before their next appearance before the PAC.
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