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January 17, 2021

Tribunal grants tax reduction to Unity Bank, Leadway Pensure, BoI

Tribunal grants tax reduction to Unity Bank, Leadway Pensure, BoI

The north-west zone of Tax Appeal Tribunal (TAT) sitting in Kaduna, has granted the prayers of three tax payers challenging tax assessment imposed on them by various revenue services and boards within the zone.

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The tribunal in a statement, said it ordered a reduction to N27.45 million from N431.92 million, being tax assessment imposed on Unity Bank by Kano state internal revenue service. 

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The Bank of Industry (BoI) also got a reduction to N15 million from N178.25 million being tax assessment imposed by the Kaduna state internal revenue service.

Another taxpayer, Leadway Pensure Limited also efficaciously challenged their tax assessment, in the sum of N462.46 million which was reduced to N5.5 million by the tribunal.

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The tribunal said no matter has remained on the cause list for more than one year, with matters being speedily conducted and brought to conclusion, most times within six months of filing. 

It said since the inception of the present panel, it has resolved tax disputes above N12 billion, with pending appeals over N3 billion.

Pending cases before the tribunal include appeals filed by Access Bank against an assessment issued by the Kano state internal revenue service in the sum of N336.95million, Kano State University of Science and Technology Wudil, which is in the sum of N190.27 million, are at various levels of litigation.

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The tribunal said Ibrahim Boyi of Ibrahim Boyi & Co, a law firm resident in Kano, on November 11, 2020, filed before the tribunal, an appeal challenging an assessment of the sum of N118.86 million imposed on Silver plastics by Kano state internal revenue service.

The said demand notice was with respect to an outstanding tax liability, assessed by the revenue body to have been due within the 2015/2016 years of operation. 

Umar M Adamu, chairman, north-west zone of the tribunal, said tax is the very life source of the country, and matters pertaining to resolving disputes between tax payers and revenue bodies must be done with dispatch.

This is to ensure that tax payers do not unnecessarily labour under arbitrary demands and oppressive tax assessments imposed on them by revenue bodies, noting that at the same time, taxpayers do not escape or evade the taxes due to the revenue bodies.

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“The symbiotic relationship between the taxpayer and revenue body must continue to subsist for the good of the society and the demands of government,” he said.

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