…remits N485m operating surplus to FG
THE Corporate Affairs Commission said, on Monday, that it had settled its over N4bn outstanding tax and pension liabilities.
The Registrar-General of the Commission, Garba Abubakar, said this in Abuja while responding to claims that the Commission was in breach of the Fiscal Responsibility Act.
The FRA stipulates that any government agency that generates revenue must remit 80 per cent of their operating surplus to the Consolidated Revenue Fund account.
Speaking on the operations of the CAC, Abubakar described the Commission as a responsible agency of government.
He added that over the years, the commission had been remitting its operating surplus to the coffers of government.
He also said that the commission had remitted the sum of N485m into the Consolidated Revenue Account as operating surplus for the 2017 fiscal period.
He said, ‘’When I came in January 2020, I met over N4bn outstanding liabilities, made up of staff pension deductions that were not remitted to appropriate quarters as well as other relevant taxes the commission was expected to pay but failed to do, but it gladdens my heart that all these have now been cleared.
”As we speak, we have cleared all staff backlog of contributions, including employers and employees for 2018. We could not do that of 2019 because it was not captured in the 2020 budget.
“So we ve factored it into the 2021 budget; we have settled all our tax obligations on Pay As You Earn because there was a liability of over N1.2bn. This has been fully settled and we are now up-to-date in our pension contributions, so we have paid up to July 2020, as we plan to continue in this manner so that we don’t enter next year with any liability.”
He explained that contrary to some reports that the commission generated about N56bn in the last three years, the commission generated N36bn as revenue between 2017 and 2019.
He used the occasion to explain that CAC does not receive any budgetary allocation from government but relies solely on revenue generated in paying its first line charges as well as meeting other financial obligations.
