Reps query commercial banks over under-remittance of education tax 

The House of Representatives Committee on Tertiary Education Trust Fund (TETFund), has raised issues with Commercial Banks in Nigeria over alleged under remittance of Education Tax revenue.

The committee has therefore asked the banks to appear alongside their respective tax consultants and auditors to reconcile the tax computations not remitted to TETFund between 2011 and 2022.

Chairman of the committee, Hon. Mariam Onuoha, gave the directive  Tuesday when some of the banks appeared before the committee to defend their EDT remittances for the period under review.

He said there were disparities in the EDT remittances submitted by the banks to the FIRS over the years.

“The bone of contention has always been that the banks seem to be relying on a purported exemption order which clearly mentioned Company Income Tax exemption order of 2011.

“We have asked the banks to produce an EDT exemption order and they have failed to present it. We have equally presented to them but you cannot be linking one exemption with the other. This is because in law, we don’t summarily assume, because what is not mentioned is deemed excluded.

“Because EDT was not mentioned in whatever you have shown and that has been the reason for the back and forth,” she said.

A member of the committee, Hon. Oluwole Oke, had in a motion  asked the banks to appear before the committee with the tax consultants with details of tax computation on a yearly basis.

The chairman also lamented that out of the 15 banks invited, about seven were supposed to appear before the committee, but only three of them showed up with three others writing to seek a new date to appear.