OAGF, JTB To Constitute A Joint Reconciliation Team On PAYE Tax Remittances
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 variation observed in the monthly PAYE tax remittances.
The Accountant General of the Federation, Ahmed Idris dropped this hint in Abuja when the Secretary of the Joint Tax Board (JTB), Obomeghie Nana-Aisha led members of the JTB 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”, he said.
The Accountant General of the Federation who was responding to the Secretary of the Joint Tax Board’s observation regarding fluctuation and inconsistencies in PAYE tax remittance, explained that variations in figures from time to time could be due to many legitimate reasons, adding that such differences are 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 reiterated the need for collaboration, partnership and synergy between his office and the Joint Tax Board and stressed that he and his office will continue to do everything possible to ensure that the two agencies attained their mandates.
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