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Nairaland Forum / Nairaland / General / Business / $30bn Lost: Fidelity Bank In Trouble (346 Views)
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$30bn Lost: Fidelity Bank In Trouble by jabulani000001: 5:26pm On Jun 29, 2021 |
Citibank and Fidelity bank, on Monday, appeared before the House of Representatives joint committees on finance, and banking and currency over revenue leakages. According to the co-chairman of the panel, James Faleke, the hearing is to find the alleged $30 billion lost between 2005-2019. Mr Faleke, who the chairman committee on finance, said the investigation will examine the revenue leakages and loopholes in the system, that have contributed to a loss of over $30 billion in annual federation tax revenue between 2005 and 2019. He noted that the documents received from target agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportations, manufacturing and Telecommunications, show there are infractions by some entities. Ngozi Omoke, the representative of Citibank, said the committee made errors in the system of computing the total deductions. “The following items are not subject to VAT or withholding tax: advertisement, airline remittances, principal loan repayments. What attracts withholding tax is interest on loan repayment, not the principal itself.” Following back and forth between Mr Faleke and Ms Omoke, the committee resolved that the bank should provide more documents to clarify. Hassan Imam, from Fidelity bank, also appeared before the committee. Mr Faleke also directed the banker to provide the committee with the list of customers involved in capital importation and their evidence of tax payment. “Advertisement, airline remittances, principal loan repayments” are not https://www.idomavoice.com/2021/06/30bn-lost-fidelity-bank-citibank-in-trouble.html
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Re: $30bn Lost: Fidelity Bank In Trouble by culf: 6:03pm On Jun 29, 2021 |
serious matter! |
Re: $30bn Lost: Fidelity Bank In Trouble by Starzo: 7:04pm On Jun 29, 2021 |
if.u get money for their account,japa! |
Re: $30bn Lost: Fidelity Bank In Trouble by infini771: 7:17pm On Jun 29, 2021 |
We are fidelity we keep our word |
Re: $30bn Lost: Fidelity Bank In Trouble by SLOVFO(m): 8:39pm On Jun 29, 2021 |
Fidelity Indeed ![]() |
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