5,000 Firms To Face Sanctions over N5.2 trillion Unpaid Taxes

5,000 Firms To Face Sanctions over N5.2 trillion Unpaid Taxes

By THECONSCIENCEng 

At least 5000 companies who have defaulted in tax obligations have been penciled for sanctions.

This is as the House of Representatives has mandated its committees to investigate the non-remittance of N5 trillion to the Federal Government by businesses operating in Nigeria.

The move follows the adoption of a motion moved by Esosa Iyawe on Thursday during plenary.

The House resolved to mandate the Committees on Public Account and Finance to probe the infraction.

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Moving the motion, Iyawe said 5,000 companies owe the Federal Government N5.2 trillion between 2015 and 2019.

He said that there is another report stating that in 2021, some companies failed to remit over N17 billion.

“Audit reports from 2015 to 2019 which revealed government agencies owing hundreds of billions in FIRS taxes comprising underpayments and under-recoveries and over 5,000 Companies and Ministries, Departments and Agencies (MDAs) of the Federal Government owing (N5.2 Trillion) (five trillion, two hundred Government is treating with kid gloves, while small businesses are subjected to multiple taxes.

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The motion was taken unanimously without opposition.

The House directed the committees to report back to the in four weeks.