Reps demand Tax records.from Joint Venture Businesses

By Linda Ike

The House of Representatives has requested all tax records and other relevant documents on all joint venture (JV) businesses and production sharing contracts of the Nigerian National Petroleum Corporation (NNPC) from 1990 to date from the Federal Inland Revenue Service (FIRS).

The directive was given by the House Ad-hoc Committee to probe the JV businesses during investigative hearing on Tuesday in Abuja.

The FIRS represented by Ogunyemilusi Gabriel and Bello Rasheed who appeared before the committee for the gearing.
said, said, relevant tax documents demanded by the committee had been submitted but only for the 2015 to 2021.

The documents included the summary of petroleum profit tax; copies of tax returns filed by all JV ventures from 1990 to 2022; summary of all remittances to federation account of all tax revenues between 1990 to 2022; copies of correspondence between NNPC and FIRS tax remittances; summary of all remittances to federation account of all tax revenues between 1990 to 2022; and certified true copies of the various tax revenues accounts maintained or supervised by FIRS on behalf of the federation.

The FIRS explained that the remaining records would be supplied eventually as they usually archive them.

They said, the Agency has a policy of archiving every six years, which was why the records from 2015 to 2021 were readily accessible when the committee demanded them

Chairman of the committee, Hon.Abubakar Fulata, demanded that the records be made available by Friday, September 30, 2022.

The Lawmakers ordered that the Executive Chairman of the Agency, Mohammed Nami, appear before the committee next Tuesday to speak to the documents so submitted.

They also directed that the Chief Executives of the various oil companies invited appear in person or face sanctions.

Though, various oil companies invited by the Committee failed to show up for the investigative hearing.