MTN to Submit Tax Collection Records Says Senate

• MTN to Submit Tax Collection Records Says Senate

To ensure businesses in the country remit tax collected on behalf of the Federal Government, the House of Representatives has demanded that MTN Nigeria tender all financial records to ascertain if the taxes collected were duly remitted.

Mr James Faleke, the Chairman of the House Committee on Finance, made the demand at an investigative hearing on remittances to the Consolidated Revenue Fund in Abuja on Wednesday.

Faleke said, “We want you (MTN) to produce your quarterly returns on operation level paid to Nigerian Communications Commission supported with management account. Produce computation schedules and ledger and any other accounting books for post pioneer periods.

“We want details of fix asset register of the company, which must reflect evidence originating records and distinction should be made between those acquired locally and those imported for the purpose of interfacing with Nigeria Customs Service and Federal Inland Revenue Service.”

Head of Finance, Olajide Yesufu, MTN Nigeria, who appeared before the committee, presented financial statements and other documents in three volumes to the panel, saying the telecommunication giant has been remitting revenues due to the government over the years.

He also explained that the company collects Value Added Tax and stamp duties on behalf of the federal and state governments, which were equally remitted through the Federal Inland Revenue Service.

The MTN official added that financial records submitted to the committee had accounting technicalities that had to be broken down and explained.

He, however, promised to provide necessary details and other documents to the committee when next they appear.