N100bn Revenue Shortfall: Contractors to show TIN Before Payment

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….Moves to block revenue leakages by contractors

…To undertake compliance spot checks on MDAs

The Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs.

The Federal Government’s directive was handed down on Tuesday in Abuja by the Honourable Minister of Finance, Mrs. Kemi Adeosun to the Accountant General of the Federation, Alhaji Ahmed Idris.

The order is part of resolute efforts by the Government to block revenue leakages by the MDAs’ vendors. About N100 billion has been discovered as tax revenue shortfall by contractors between 2012 and 2017.

Adeosun, in a memo titled “Compliance with Tax Payments by Federal Government Vendors”, disclosed that persistent leakages in revenue remittances by vendors had been uncovered by the Government’s Project Lighthouse, a systemwide revenue intelligence data-warehouse.

The leakages, according to her, were due to lack of TIN particularly on Value Added Tax (VAT), Withholding Tax (WHT) and other related inflows into the government coffers

The Minister said, “In order to address these lapses in the implementation of the 2017 Budget as well as boost the revenue accruable to the Government, all MDAs should be directed to insist that invoices submitted by vendors for payments must clearly state the TIN.

“This is to confirm tax compliance by relevant government vendors before payments are effected.”

She added that the directive to the government vendors is in compliance with the provisions of both the Federal Inland Revenue Service (FIRS) and Procurement Acts of 2007 respectively.

The Minister stated that spot checks would be undertaken on MDAs to confirm compliance with the directive.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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