Reps wade in as NRS, TETFund conflict over N123.48bn schooling tax deductions

The Public Accounts Committee of the House of Representatives,  Thursday, intervened in a dispute between the Nigeria Revenue Service (NRS), and the Tertiary Education Trust Fund (TETFund) over the deduction of 4 % price of assortment on schooling tax, amounting to about N123.48 billion.

The dispute was earlier than the committee throughout its ongoing consideration of audit queries involving income collections and remittances.

Officials of the NRS, led by its Executive Director, Shettima Tamadi, and TETFund, represented by Dr. Gloria Olotu, Director of Finance and Accounts, introduced opposing positions on the legality of the deductions in the course of the session.

The committee was knowledgeable that the Auditor-General had recognized discrepancies between the Education Tax collected by the NRS and the quantity remitted to TETFund, prompting additional examination of the deductions made as price of assortment.

TETFund consultant, Olotu said that the legislation supplies for the 4 % price of assortment to use solely to non-oil income and never your entire Education Tax collected from corporations working in each the oil and non-oil sectors.

In its response, the NRS said that no refund was due, defending the deductions on the idea of the related provisions of the legislation, significantly Sections 15A and 69 of the NRS Act.

The committee led by Hon. Bamidele Salam noticed that the NRS’s interpretation appeared simple from an unusual studying of the supply, however insisted on the necessity to set up the authoritative authorized place of the Attorney-General of the Federation (AGF).