In a significant development, the House of Representatives Public Accounts Committee has issued a directive to Guaranty Trust Bank (GTB) to calculate and remit Value Added Tax (VAT) owed on commissions from Remita transactions spanning from 2015 to 2022. This mandate, aimed at ensuring compliance with tax regulations, was shared via the official handle of Nigerian Stories on platform X.
The committee’s decision followed an exhaustive review of GTB’s financial dealings related to Remita, a digital payment platform widely used by government agencies and businesses. The inquiry revealed that the bank had received substantial commissions on these transactions but had not fully accounted for the corresponding VAT, a critical revenue stream for the Federal Government.
In response, the committee has instructed GTB to calculate the exact VAT due and ensure it is promptly remitted. This move is part of broader efforts by the Public Accounts Committee to ensure that corporate entities comply with tax obligations, particularly those linked to government transactions.
With billions potentially at stake, this directive underscores the government’s resolve to recover any unremitted taxes and boost revenue generation at a time when the country faces significant fiscal challenges.
The outcome of this order is eagerly awaited, as it could set a precedent for stricter enforcement of tax laws across other sectors. Guaranty Trust Bank, one of Nigeria’s largest financial institutions, has yet to issue a formal response to the directive.
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