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Services / Recovery Services

Recovery Services

Specialised recovery assignments for government and corporate bodies: POS withholding tax, excess bank charges and outstanding PAYE on IPPIS.

POS withholding tax recovery

The State Government shall issue:

  1. A letter of engagement/appointment to the Consultant to carry out the assignment and a Service level agreement (SLA) signed between the Consultant and the Osun State Government.
  2. A letter introducing the Consultant to all the banks; informing them of the assignment and directing them to forward details of all POS payment schedule to the Consultant and all the banks to forward the state govt loan bank statement to us and all the offer letters for the loans.
  3. A letter to the designated Government Agency notifying the Agency of the government decision on the assignment and choice of the Consultant to carry out the assignment.

Excess bank charges recovery

One of the easy ways to recover hidden and lost funds of State Government and Corporate Organization fund from commercial banks is to reconcile its various accounts with its banks in the following key areas:

  • Illegal and unauthorized debits on current accounts maintained with commercial banks.
  • Un-utilized foreign Exchange balances on letters of credit (L/C) accounts established with CBN and Commercial Banks.
  • Shortfalls interests accrued on Treasury Placement.
  • Excess Interest Charge on Loan Facilities.
  • Unredeemed Guarantees, indemnities and Bonds deposit initial defaults by contractors that received advance payment.
  • Commission of Turnover (COT) in excess of agreed concession or in compliances with Accountant-General and Central Bank of Nigeria Treasure Circulars.
  • Unveiling other sharp financial malpractices that would have resulted in lost of money to the account holders.

The above funds represent a substantial quantum of the huge billions Naira usually declared as profits by commercial banks and/or dormant balances with CBN, which have remained un-reconciled for many years. The state government shall give us mandate to request for loan bank statements and offer letters from the banks and the state ministry of finance and the DMO in Abuja.

We shall be using spreadsheet, SAGE software and Microsoft tools to analyse the true position of the charges and interest for the state.

Outstanding PAYE on the IPPIS platform

Unspecified outstanding PAYE on the Integrated Personnel Payroll Information System (IPPIS) platform of federal MDAs staff resident in the state.

  • This proposal is to engage the IPPIS to uncover PAYE due to the state government from all staff of federal MDAs resident in the state. The PAYE is to be remitted to the state Internal Revenue Service. This might run to billions of naira depending on when the remittance was last done. The IPPIS is domiciled in the office of the Accountant General of the Federation (AGF).
  • Place of residence, in accordance with the Personal Income Tax Act 2011 as amended to date, determines the tax computation and payment of tax by individuals, trade or business as the case may be. Most often the IPPIS is seriously facing the challenges of place of residence in determining the tax payment to various states of the federation, which is a major constraint in receiving substantial revenue from the platform for the state. This reconciliation exercise will assist the state to increase their monthly receipt from IPPIS.
  • A model has been developed to assist in investigating and reconciling efficiently the outstanding PAYE residing in IPPIS for the state. We shall need a letter of introduction to the office of the Accountant General of the Federation for the reconciliation process to recover the outstanding PAYE on monthly basis to the state government.