According to The PUNCH Newspaper on its website, in the wake of the recently-commenced investigations into the Joint Venture (JV) businesses and Production Sharing Contracts (PSC) of the Nigerian National Petroleum Corporation (NNPC) by the House of Representatives, the Federal Inland Revenue Service (FIRS) has been requested to present relevant tax records of the NNPC spanning 32 years (1990 to 2022). This request was made recently by Honourable Abubakar Fulata, Chairman of the ad-hoc Committee set up for this investigation.
At the investigative hearing during which this request was made, FIRS was represented by Mr. Gabriel Ogunjemilusi and Mr. Rasheed Bello. Invited oil companies, however, failed to show up, and PUNCH reported that Hon. Fulata stated that persons who failed to comply with the laid down legislative procedures would be unveiled publicly. FIRS stated that the requested tax records had been submitted, but were only for 2015 to 2021. Hon Dachung Bagos expressed his displeasure at this and the FIRS explained that the remaining records would be provided eventually, as they had it in their archive.
According to PUNCH’s report, the House of Reps is requesting the following documents from the FIRS: a summary of Petroleum Profit Tax; copies of tax returns filed by all JV ventures from 1990 to 2022; a summary of all remittances to the federation account of all tax revenues between 1990 to 2022; copies of correspondence between NNPC and FIRS; and Certified True Copies of the various tax revenue accounts maintained or supervised by FIRS on behalf of the federation.
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