The House of Representatives Committee on Public Accounts is worried over the alleged N2.6trillion tax evasion by MTN Nigeria and has vowed to ensure accountability on the capital allowances granted to MTN Nigeria by the Ministry of Industry, Trade and Investment.
According to the Punch Newspaper, the Committee has summoned the Minister of Industry, Trade and Investment, Niyi Adebayo over the matter.
The Committee noted in its report that the Federal Inland Revenue Service accorded value to MTN, while in some cases without certificates and evidence of capital allowance issued by the ministry which reflects the entire assets procured by the company.
More worrying for the Committee is the fact that funds are not adequate for the government to carry out policies and programmes, but some companies are getting away with such huge funds.
“We have issues in this country where funds are not adequate for the government to carry out policies and programs which is why we had to borrow even though there are massive revenue leakages. MTN has also made appearances, where N2.6tn was seen as the taxable value for assets of the company and we asked as to know where they exist and who verified them because they had already claimed value for them with the FIRS,” said Chairman, House Committee on Public Accounts, Oluwole Oke.
He added that Nigerians have a right to know the implications of MTN getting tax waivers of N2.6tn on the economy.