Senate probes non remittance of taxes on bank deposits

The Senate is probing the non-remittance of taxes on bank deposits in Nigeria. This is a significant issue that has been raised by the Senate Committee on Finance, which is investigating the matter to ensure that the government receives the necessary revenue to fund its activities.

The probe is focused on the non-remittance of taxes on bank deposits, which is a significant source of revenue for the government. The Senate Committee on Finance has summoned the Managing Directors of the 19 commercial banks in Nigeria to appear before it to explain why they have not remitted the taxes on bank deposits to the government.

The committee has also requested the banks to provide information on the amount of taxes they have collected on bank deposits since 2015, as well as the reasons why they have not remitted the taxes to the government. The committee is also investigating the role of the Central Bank of Nigeria (CBN) in the non-remittance of taxes on bank deposits.

The Senate Committee on Finance has expressed concern that the non-remittance of taxes on bank deposits is a significant revenue loss for the government, and that it is affecting the government's ability to fund its activities. The committee has also expressed concern that the non-remittance of taxes on bank deposits is a breach of the law, and that it is unfair to the taxpayers who are expected to pay their taxes.

The probe is expected to lead to the recovery of the outstanding taxes on bank deposits, and to ensure that the banks remit the taxes to the government in the future. The Senate Committee on Finance has also threatened to take action against the banks that have not remitted the taxes on bank deposits, including the possibility of revoking their licenses.

The probe is a significant development in the ongoing efforts to improve tax compliance in Nigeria. The government has been working to improve tax compliance in recent years, and the probe is expected to help to achieve this goal. The probe is also expected to help to increase revenue for the government, which is necessary to fund its activities and to improve the lives of the citizens.

In conclusion, the Senate is probing the non-remittance of taxes on bank deposits in Nigeria, and the probe is expected to lead to the recovery of the outstanding taxes and to ensure that the banks remit the taxes to the government in the future. The probe is a significant development in the ongoing efforts to improve tax compliance in Nigeria, and it is expected to help to increase revenue for the government.