Reps to investigate FIRS over collection, remittance of 1% NITDF revenue

The House of Representatives will investigate the collection and remittance of 1% levy on behalf of the National Information Technology Development Fund (NITDF).

This followed the adoption of a Motion of urgent public importance moved by Uzoma Nkem-Abonta on the need to investigate payment and remittances of taxes accruable to the National Information Technology Development Fund (NITDF) established by the National Information Technology Development Agency (NITDA) Act 2007.

He noted that the NITDA Act was enacted in 2007 which created a frame work for the planning, research, development, standardization, application, coordination, monitoring, evaluation and regulation of Information Technology practices, activities and systems in Nigeria.

According to him, Section 12 of the Act established the fund known as the “National Information Technology Development Fund” into which a levy of 1% of the profit before tax of companies and enterprises enumerated in the Third Schedule to the Act, with an annual turnover of N100, 000, 000 and above is to be paid into.