The House of Representatives Public Accounts Committee has directed Guaranty Trust Bank (GTB) to calculate and remit the Value Added Tax (VAT) on commissions received from Remita transactions between 2015 and 2022. The Remita platform is used by the Federal Government to collect revenue through the Treasury Single Account. GTB admitted to not remitting the VAT for eight years, assuming Remita had done so. The committee is also investigating other banks for non-compliance with revenue regulations.
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