Reps Tasked To Pursue 5,000 Companies Owning Nigerian Government N5.2 Trillion in Unpaid Taxes

Reps Tasked To Pursue 5,000 Companies Owning Nigerian Government N5.2 Trillion in Unpaid Taxes

The House of Representatives has instructed its committees to delve into the matter of businesses in Nigeria failing to remit a total of N5 trillion to the Federal Government……READ ALSO Reps Push For Stricter Enforcement: Proposed Fine For Nigerian Flag Violation Soars To N100,000

This decision stems from a motion presented by Esosa Iyawe during Thursday’s plenary session, prompting the House to take action against tax defaulters.

The House has mandated the Committees on Public Account and Finance to investigate these organizations’ failure to remit taxes and to recover the outstanding sum owed to the government.

In his motion, Iyawe revealed that 5,000 companies have collectively failed to remit N5.2 trillion to the Federal Government between 2015 and 2019. Additionally, there are reports of companies neglecting to remit over N17 billion in 2021 alone.

He emphasized that some of these defaulters are multinational corporations, suggesting a disparity in treatment compared to smaller businesses subjected to multiple tax obligations.

The motion was unanimously adopted by the House, which directed the committees to furnish a report within four weeks.