Guaranty Trust Bank (GTB) has confirmed that the bank didn’t remit Value Added Tax (VAT) on commission received from Remita for eight years.
GTB’s Executive Director, Mr Ahmed Liman made the revelation while addressing the House of Representatives Public Accounts Committee (PAC) chaired by Hon Bamidele Salam.
He admitted that the bank didn’t remit VAT for the period of 8 years, believing Remita was responsible for sharing commission fees.
The Committee therefore directed Guaranty Trust Bank (GTB) to calculate and remit Value Added Tax (VAT) on commission received from Remita from 2015 to 2022.
The committee gave the directive in the ongoing investigation into alleged revenue leakages through the REMITA platform.
Remita is a financial solution gateway technology used by the federal government for revenue collection.
The committee raised concerns about GTB’s remittance of VAT components of Remita collections and collection of fees in the first Regime of the Remita transaction.
The committee ordered GTB to remit the VAT to the federal government recovery accounts domiciled with the Central Bank of Nigeria (CBN).
The affected banks were referred to the reconciliation sub-committee to address discrepancies and will reappear before the committee at a later date.
The Authority
