The executive chairman of the Federal Inland Revenue Service (FIRS), Dr. Babatunde Fowler, has said that the total outstanding value added tax (VAT) and withholding tax (WHT) states owe to the agency from 2008 to 2016 amounts to N41,047,661,213.66.
Briefing the National Economic Council (NEC) chaired by the acting president, Prof, Yemi Osinbajo in Abuja on Thursday, Fowler also said remittances from states (January to July 2018) was N40, 299,839,092.79.
He said for ease of VAT/WHT collection and automatic remittances of deductions to treasury single account (TSA), FIRS had deployed a software payment platform (SPP) to facilitate states, MDAs computerisation and remittances.
“FIRS has duly notified the governors and finance commissioners of the ongoing audit exercise and requests the cooperation and collaboration of the States for the success and timely conduct and completion of the exercise,” he stated.
He also said the minister of finance, Mrs. Kemi Adeosun, had directed the federal MDAs and states to verify the authenticity of tax clearance certificates (TCC) online as presented by contractors before awarding contracts.
“Federal and states MDAs are enjoined to send copies of Manual TCCs issues before August 22, 207 to FIRS for verification before awarding and making payments,” Fowler added.
For her part, Adeosun informed the council that the balance in the excess crude account (ECA) as at August 14, 2018 stood at $2,250,434,918.00, balance in the stabilization account as at August 14, 2018 was N21, 591,091,564.37, while the balance in the Natural Resources Development Fund as at August 14, 2018 was N143,479,688,711.25.