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ECONOMY

By Emma Ujah,  Abuja Bureau Chief

The Office of the Accountant General of the Federation (OAGF) and the Joint Tax Board (JTB) are to establish a Joint Reconciliation Team to reconcile variations observed in the monthly Pay As You Earn (PAYE) tax remittances.

OAGF, JTB to reconcile PAYE tax remittances

ECONOMY

By Emma Ujah,  Abuja Bureau Chief

The Office of the Accountant General of the Federation (OAGF) and the Joint Tax Board (JTB) are to establish a Joint Reconciliation Team to reconcile variations observed in the monthly Pay As You Earn (PAYE) tax remittances.

The Accountant General of the Federation, Mr. Ahmed Idris, disclosed this in Abuja when the Secretary of the Joint Tax Board (JTB), Ms. Nana-Aisha Obomeghie, led members of the Board on a visit to him.

Idris said the Joint Reconciliation Team will comprise officers from both agencies and will sit monthly to resolve issues concerning non remittances and variations observed in remittance of tax PAYE tax.

“I recommend that all matters concerning non remittances, figures not agreeing on month by month basis as far as deductions are concerned, can easily be addressed if we have a common joint reconciliation team that will be sitting monthly, made up of officers from the OAGF and the JTB. Let there be an established team that will be looking at these figures”, a statement by the Director of Information, Mr. Henshaw Ogubike, yesterday, quoted the AGF as saying.

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Idris who was responding to the Secretary of the JTB’s observation regarding inconsistencies in PAYE tax remittances, explained that variations in figures from time to time could be due to many legitimate reasons, adding that such differences were always corrected through reconciliation of records.

“There are many legitimate reasons why variation arise from time to time,   it is known to us as accountants that figures will never be the same from one period to another. That is why in accounting, reconciliation exercise is recognized so that figures are harmonized and the cause of the variations are revealed”, he said.

Idris expressed his organisation’s readiness to collaborate with the JTB in ensuring that each tier of government received its due tax proceeds and his office will continue to do everything possible to ensure that the two agencies attained their mandates.

Ms. Obomeghie called for sustained partnership between the two organizations to ensure accurate tax revenue remittances to all tiers of government.

The Accountant General of the Federation, Mr. Ahmed Idris, disclosed this in Abuja when the Secretary of the Joint Tax Board (JTB), Ms. Nana-Aisha Obomeghie, led members of the Board on a visit to him.

Idris said the Joint Reconciliation Team will comprise officers from both agencies and will sit monthly to resolve issues concerning non remittances and variations observed in remittance of monthly PAYE tax.

“I recommend that all matters concerning non remittances, figures not agreeing on month by month basis as far as deductions are concerned, can easily be addressed if we have a common joint reconciliation team that will be sitting monthly, made up of officers from the OAGF and the JTB. Let there be an established team that will be looking at these figures”, a statement by the Director of Information, Mr. Henshaw Ogubike, yesterday, quoted the AGF as saying.Idris who was responding to the Secretary of the JTB’s observation regarding inconsistencies in PAYE tax remittances, explained that variations in figures from time to time could be due to many legitimate reasons, adding that such differences were always corrected through reconciliation of records.

“There are many legitimate reasons why variation arise from time to time,   it is known to us as accountants that figures will never be the same from one period to another. That is why in accounting, reconciliation exercise is recognized so that figures are harmonized and the cause of the variations are revealed”, he said.

Idris expressed his organisation’s readiness to collaborate with the JTB in ensuring that each tier of government received its due tax proceeds and his office will continue to do everything possible to ensure that the two agencies attained their mandates.

Ms. Obomeghie called for sustained partnership between the two organizations to ensure accurate tax revenue remittances to all tiers of government.

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