Tag fg to probe banks for non remittance of taxes
It seems like you're referring to the Nigerian government's move to probe banks for non-remittance of taxes. Here's a breakdown of the situation:
Background: The Federal Government of Nigeria has been facing a significant revenue shortfall, which has led to a decline in the country's economic growth. One of the major concerns is the non-remittance of taxes by banks and other financial institutions.
Action taken: The Federal Government has ordered the Financial Intelligence Unit (FIU) to probe banks and other financial institutions for non-remittance of taxes. The FIU is a specialized agency responsible for collecting and analyzing financial intelligence to combat money laundering, terrorist financing, and other financial crimes.
Reasons for the probe: The government is investigating the banks to determine the extent of non-remittance of taxes, including:
- Withholding tax: Banks are required to withhold taxes on behalf of their customers and remit them to the government. However, it's alleged that some banks have failed to do so.
- Value Added Tax (VAT): Banks are also required to collect and remit VAT on behalf of their customers. The government is investigating whether banks have been remitting the correct amount of VAT.
- Other taxes: The probe may also cover other taxes, such as company income tax, personal income tax, and stamp duties.
Consequences: If the probe reveals that banks have indeed failed to remit taxes, they may face penalties, fines, and even criminal charges. The government may also take steps to recover any outstanding taxes owed by the banks.
Impact: The probe is expected to have a significant impact on the banking sector, as it may lead to increased transparency and accountability. It may also lead to changes in the way banks operate and the way they remit taxes to the government.
Next steps: The FIU will conduct a thorough investigation and gather evidence to determine the extent of non-remittance of taxes by banks. The government will then take appropriate action against the banks found to be in violation of tax laws.
I hope this helps clarify the situation!