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Reading: Reps panel summons Total, others over $85 billion tax evasion
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Nigeria

Reps panel summons Total, others over $85 billion tax evasion

Total Upstream and many other domestic oil companies have been called by the House of Representatives over $85 billion in unpaid taxes. The ...

News Agency of Nigeria
News Agency of Nigeria - Agency Reporter November 15, 2022
Updated November 15, 2022 at 8:47 PM
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Reps panel summons Total, others over $85 billion tax evasion
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Reps panel summons Total, others over $85 billion tax evasion

Total Upstream and many other domestic oil companies have been called by the House of Representatives over $85 billion in unpaid taxes.

The Nigerian National Petroleum Company (NNPC) Ltd.'s Ad hoc Committee on the structure and accountability of Joint Venture (JV) Business and Production Sharing Contracts (PSCs) issued the summons.

This information was disclosed by the committee's chairman, Abubakar Fulata, on Tuesday during an inquiry hearing in Abuja.

He said that practically all of Nigeria's oil corporations collected capital allowance and investment tax claims without a Certificate of Acceptance of Fixed Assets (CAFA), in violation of the country's existing laws.

CAFA is generally issued to evidence an approval for the purchase of assets valued at ₦500,000 and above.

Mr Fulata also summoned AGIP Energy Natural Resources Ltd, Shell Nigeria Exploration Company. Ltd. Chevron and other oil companies.

The lawmakers said that most of the companies were making claims of capital allowance from the government without the certificate.

He said companies found to be culpable would be compelled to make necessary refunds to the federal government coffers.

According to him, all companies in Nigeria do not have CAFA certificates and they are enjoying capital allowance amounting to millions of dollars.

“These are things they cannot do in their country but do in Nigeria. Unless you clear the malfeasance of this allowance, the committee would be compelled by the relevant agency to recover this money,” he said.

(NAN)

Tags: Nigeria

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