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Federal Government Pays Outstanding Tax Liabilities Owed By Mdas - Business - Nairaland

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Federal Government Pays Outstanding Tax Liabilities Owed By Mdas by innerkonsult1: 2:52pm On Jul 24, 2019
The Federal Government says, it has paid N135 billion of all outstanding PAYE tax liabilities owed by Federal Ministries, Departments and Agencies (MDAs) for 14 years to various states government. The Chairman of Joint Tax Board, Mr Tunde Fowler, said this at a programme tagged; “Go-Live’’ for the New National Tax Identification Number (TIN) Registration System in Abuja on Monday.
The outstanding liabilities of the MDAs paid by the Federal Government covered 2002 to 2016. He urged the states government to emulate and promptly remit all withholding taxes, including Value Added Tax due to the federation account: “It is not only important that these records are available, it is equally necessary that the records are credible and reliable and that they are accessible under a secured environment, and online real-time. “The role data plays in today’s world cannot be overemphasized; and for the revenue potential of the country to be maximally harnessed, it is essential that credible and reliable data is available for use. “Such record is also important to facilitate the Ease of Doing Business and for the nation to achieve its economic objectives in line with the Economic Recovery and Growth Plan (ERGP).’’ Fowler expressed confidence that the new system would add value to tax-revenue administration in the country, not only in terms of processes and procedures, but in terms of efficiency and ensuring a co-ordinated and systematic approach. According to him, the new TIN system will limit the incidence of double taxation which is also a prerequisite for a number of transactions such as sale and purchase of immoveable property, registration of vehicles and application of plots of lands. The chairman commended its partners, especially some Federal Government agencies for their support in having the new TIN system in place.

Source: VAN

Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com

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