JUST IN: GTBank to Refund VAT Commissions Collected Over the Past 8 Years

The Public Accounts Committee (PAC) of the House of Representatives has instructed Guaranty Trust Bank (GTBank) to assess and remit Value Added Tax (VAT) on the commissions it received through the Remita platform from 2015 to 2022. The remitted VAT is to be paid into the federal government’s recovery account. Rep. Bamidele Salam, the PAC Chairman, issued the directive during an investigative hearing that focused on revenue leakages linked to the Remita platform and non-compliance with standard procedures for service agreements. The committee identified two key issues:……Read Full Article