MONEY deposit banks in the country may now face investigation by
the Federal Government over their activities concerning the receipt and
remittances to the Federation Account of taxes and duties from the
Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service
(NCS).
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Thursday said its committee on non-oil revenue on monitoring of banks’ compliance recently discovered a wide range of irregularities by some of the banks engaged in the collection of non-oil revenue for the Federation Account from diversion of revenue collected to high Commission on Turnover (COT) charges by the banks involved.
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Thursday said its committee on non-oil revenue on monitoring of banks’ compliance recently discovered a wide range of irregularities by some of the banks engaged in the collection of non-oil revenue for the Federation Account from diversion of revenue collected to high Commission on Turnover (COT) charges by the banks involved.
