Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Senate committee uncovers N120 billion unpaid revenues by companies

Chris Pemu by Chris Pemu
August 19, 2017
in Business News
House of Reps summon Emefiele, NNPC GMD over unremitted N3.24 trillion

PIC.23. SENATE CHAMBER DURING THE INAUGURATION OF THE 8TH NATIONAL ASSEMBLY IN ABUJA ON TUESDAY (9/6/15). 3023/9/6/2015/CH/BJO/NAN

Share on FacebookShare on TwitterShare on Linkedin

The Senate Joint Committee on Customs, Excise and Tariff has uncovered N120 billion unpaid revenues from several companies. Chairman of the committee Senator Hope Uzondinma gave the information in a statement issued by the committee. The names of the companies that refunded the payments were however not revealed. The committee has also mandated the Nigerian Customs Service to recover the funds from the affected companies. Over 2000  firms are yet to appear including Dana Air and BUA international which have been given till Monday to appear or face sanctions.

 

Customs has a capacity issue

RelatedPosts

Senate confirms Mohammed Bello as new Chairman, Revenue Mobilisation Allocation and Fiscal Commission

Senate calls for replacement of vacant principal officers’ positions

The Nigerian Customs Service needs more training in terms of human capacity building. Had the Senate Committee not undertaken the investigation, the monies would not have been paid. More money may be recovered as the committee has addressed a small fraction of the firms involved. How were these companies able to escape paying the required revenue? Where possible collusion by officers of the NCS is involved, they should be sanctioned.

 

More money for government

The recovery will be good news to the Federal Government which has recently embarked on a revenue drive. A drop in crude oil revenue last year pushed the economy into recession, and has forced all tiers of government to deepen other revenue sources.  In addition to customs recovering unpaid duties, other arms of government such as the Federal Inland Revenue Service (FIRS) would need to conduct their own investigations as unpaid taxes could also be recovered. Rather than take the companies to court, a settlement should be worked out as litigation will lead to a delay in getting the funds.

Related

Tags: News ReviewNigerian Senate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Meta warns Android users of new malware hiding in WhatsApp, YouTube apps
    • Palm oil: How Okomu, Presco can restore Nigeria’s status as global exporter
    • CBN, stop this inflation now!

    Follow us on social media:

    Recent News

    NCC warns android phone users of new malware

    Meta warns Android users of new malware hiding in WhatsApp, YouTube apps

    August 15, 2022
    Palm Oil: Industry potentials remains untapped    

    Palm oil: How Okomu, Presco can restore Nigeria’s status as global exporter

    August 15, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com