Reps Direct FIRS To Produce Tax Records Of NNPC JVs

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A house of representatives committee has asked the Federal Inland Revenue Service (FIRS) to produce tax records of oil companies and joint ventures under the Nigerian National Petroleum Corporation (NNPC).

The committee is probing the joint venture (JV) businesses and production-sharing contracts of the NNPC from 1990 to date from the Federal Inland Revenue Service (FIRS).

Abubakar Fulata, chairman of the committee, gave the directive during the committee’s hearing on Tuesday, according to a report by The Nation.

Although various oil companies invited by the committee failed to show up, Fulata demanded that the records be made available by Friday this week.

The FIRS, represented by Ogunyemilusi Gabriel and Bello Rasheed, said the agency had submitted tax documents from 2015 to 2021.

Reps Direct FIRS To Produce Tax Records Of NNPC JVs

But the committee said it is expecting a summary of petroleum profit tax, copies of tax returns filed by JV ventures from 1990 to 2022, and a summary of remittances to the federation account of tax revenue between 1990 and 2022.

It also requested copies of correspondence between NNPC and FIRS tax remittances; a summary of all remittances to the federation account of tax revenue between 1990 and this year; and certified true copies of the various tax revenue accounts maintained or supervised by FIRS on behalf of the federation.

Gabriel said the agency would supply more records as requested.

He 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.

On his part, Ben Kalu, Spokesperson of the house, expressed worry that the archiving policy of the agency restricted the mandate of the committee.

“It is restricting. I say so because if you look at the request from the letter, which is from 1990, and you are starting at 2015 based on the policy, we are losing about 25 years of inquiry,” he said.

“They must present this number of years wherever the documents are. We need those documents for us to conduct a thorough investigation. Let no excuse be given.”

Fulata directed Mohammed Nami, executive chairman of the FIRS, to appear before the committee next Tuesday to speak on the documents submitted.

He also said all chief executives of the various oil companies invited must appear in person or face sanctions.

Source: The Cable