Friday, December 9, 2022

Reps panel summons Total, others over $85 billion tax evasion

Total and others are being accused of making claims of capital allowance from the government without the necessary certificate.

• November 15, 2022
Total, AGIP, Shell, Chevron
Total, AGIP, Shell and Chevron.

The House of Representatives has summoned Total Upstream and several other oil firms operating in the country over tax claims of $85 billion.

The summon was by the ad hoc Committee on structure and accountability of Joint Venture (JV) Business and Production Sharing Contracts (PSCS) of Nigerian National Petroleum Company (NNPC) Ltd.

Chairman of the committee, Abubakar Fulata, revealed this at an investigative hearing in Abuja on Tuesday.

He said almost all the oil companies in Nigeria collected capital allowance and investment tax claims without Certificate of Acceptance of Fixed Assets (CAFA) which constituted breach of Nigeria’s extant laws.

CAFA is generally issued to evidence an approval for the purchase of assets valued at ₦500,000 and above.

Mr Fulata also summoned AGIP Energy Natural Resources Ltd, Shell Nigeria Exploration Company. Ltd. Chevron and other oil companies.

The lawmakers said that most of the companies were making claims of capital allowance from the government without the certificate.

He said companies found to be culpable would be compelled to make necessary refunds to the federal government coffers.

According to him, all companies in Nigeria do not have the CAFA certificates and they are enjoying capital allowance amounting to millions of dollars.

“These are things they cannot do in their country but doing in Nigeria. Unless you clear the malfeasance of this allowance, the committee would be compelled by the relevant agency to recover this money,” he said.

(NAN)

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