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FG Moves to Block Revenue Leakages by Contractors After Recording N100bn Revenue Shortfall

The Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs in compliance with the provisions of both the Federal Inland Revenue Service (FIRS) and Procurement Acts of 2007 respectively. The Federal Government’s directive was handed down Tuesday in Abuja by the Honourable Minister of Finance, Mrs. Kemi Adeosun to the Accountant General of the Federation, Alhaji Ahmed Idris as part of resolute efforts by the Government to block revenue leakages by the MDAs’ vendors.

 

Adeosun, in a memo titled “Compliance with Tax Payments by Federal Government Vendors”, disclosed that About N100 billion has been discovered as tax revenue shortfall by contractors between 2012 and 2017. She added that persistent leakages in revenue remittances by vendors had been uncovered by the Government’s Project Lighthouse, a systemwide revenue intelligence data-warehouse.

 

Our correspondent, Raliat Adenekan reports that the leakages, according to her, were due to lack of TIN particularly on Value Added Tax (VAT), Withholding Tax (WHT) and other related inflows into the government coffers. The Minister stated that spot checks would be undertaken on MDAs to confirm compliance with the directive.

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