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REPS SET TO INVESTIGATE 5%VAT ON RECHARGE CARDS SAYS 143 BILLION FRAUD IS INTERIM

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REPS SET TO INVESTIGATE 5%VAT ON RECHARGE CARDS SAYS 143 BILLION FRAUD IS INTERIM

The House of Representatives is set to investigate 5% VAT on recharge cards by Telecommunications Service companies/ Vendors says 143 Billion Naira tax evasion is interim.

This was revealed at the opening of the 4-days public hearing of the ad-hoc committee investigating the Operational activities of Telecommunications equipment and service companies/vendors in Nigeria held on Monday 6th November, 2017 on the floor of House of Representatives, National Assembly, Abuja.

The Speaker of the House of Representatives ably represented by the Chief Whip, Hon. Alhassan Ado Doguwa declared the Public hearing open.

In his Speech during the meeting, he reiterated the commitment of the House of Representatives in the discharge of it’s oversight function on the Operational activities of Telecommunications equipment and Service companies/vendors in Nigeria set up an Ad-hoc Committee Amongst other things to assess the tax compliance status and remittance of statutory contributions to relevant government agencies by Telecommunications Service providers and also to evaluate their administrative/ Operational procedures.

Hon. Ahmed Abu chairman of the committee cleared the wrong report of 5billion as against 143 billion Naira tax evasion said to have been detected in the telecommunications Industry. He said they are not out to send panic or jilter to the Operators but rather to conduct a proper investigation on the fraud as the figure of over 143 Billion in the Telecommunications Industry is interim.
Over 24 companies have do at far been but only six companies ere and government agencies were expected in the public hearing but the vendors present are Ericson, NCC, NIPC, RATCOM, NITDA and FIRS.The CEO of MTN was said to have dodge from the committee for long.

The vendors also expected to be present but absent are Globacom, Airtel, Emerging markets, who are we, FIRS, CBN.

Hon. Ahmed Abu insisted the 143 billion Naira figure is standing except otherwise proof with documents from various vendors involved. The above companies are expected to appear before the committee to clear their impact over the above figure, as failure to do so will attract an Enforcement. Non compliance is an admission of guilt as vendors are expected to submit relevant documents.

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