Banking Economy News Extra Latest News Revenue Agencies Tax

Unity Bank, BoI, Others Challenge Revenue Boards’ Tax Assessments At TAT

Unity Bank, Silver Plastics, Bank of Industry (BoI) have challenged the taxes imposed on them by the revenue services in the North-West Zone at Tax Appeal Tribunal (TAT), sitting in Kaduna over alleged errors in the computation of their tax liabilities.

Some of the corporate tax payers within the North West Zone, comprising the states of Kaduna, Kebbi, Kano, Katsina, Jigawa, Sokoto and Kano have availed themselves of the services of the TAT, North West Zone, that have opted for the judicial intervention over the alleged excess tax include
Unity Bank, Silver plastics, Leadway Pensure limited, Bank of Industry, Access Bank and Kano State University of Science and Technology Wudil.

Ibrahim Boyi of Ibrahim Boyi and Company, a law firm in Kano, on the 11th of November 2020 filed before the tribunal, an appeal challenging an assessment of the sum of N118,865,475.42 imposed on Silver plastics by the Kano State Internal Revenue Service (KSIRS) being outstanding tax liability due within the 2015/2016 years of operation.

The firm also challenged the tax assessment imposed on Unity Bank Plc by the revenue service over
a tax assessment imposed on the bank totaling N431,924,976.25k, which was subsequently reduced by the TAT to N27,459,236.53

Also, Bank of Industry challenged an assessment in the sum of N178,255,615.36 imposed on it
by the Kaduna State Internal Revenue Service which the TAT slashed to N15 million after considering the taxpayer’s appeal.

Other companies that got relief based on the TAT rulings on their cases before it include Leadway Pensure Limited, which challenged the N462,467,562,18k imposed on it which the tribunal reduced to N5.5 million

Investigations showed that pending cases before the tribunal include appeals filed by Access Bank against an assessment issued by the Kano State Internal Revenue Service for N336,957,001.01 and Kano State Internal Revenue Service and Kano State University of Science and Technology Wudil, which is in the sum of N190,274,789.89k Both cases are at various levels of litigation.

It would be recalled that the North West Zone of the tribunal had since the inception of the present panel resolved tax disputes in excess of N12 billion, with pending appeals in excess of N3 billion.

Commenting on the cases handled by the tribunal and others pending before it, the Chairman of the tribunal Barrister Umar Adamu urged taxpayers and the various revenue services/boards within the North West Zone to continue to avail themselves of the services of the tribunal for quick dispensation of
their various tax disputes.

He had variously pointed out that tax remained critical to Nigeria’s development, adding that matters pertaining to resolving disputes between tax payers and revenue bodies must be handled with dispatch to ensure that taxpayers, revenue agencies and the country don’t suffer from delays in settlement of tax disputes.

The North West Zone of the Tax Appeal Tribunal is led by Barrister Umar M. Adamu, with Sameerah Abubakar Gwandu, Professor Kabiru Isa Dandago, Professor A.S Bayero and Professor Ahmed Kumshe as members.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *