Tax Evasion: Tribunal orders Ecobank to pay N1.6 billion to FIRS - Official - Premium Times Nigeria

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Tax Evasion: Tribunal orders Ecobank to pay N1.6 billion to FIRS – Official

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The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank to pay at least N1.6 billion to the Federal Inland Revenue Service as its company income tax for 2016.

Consequentially, Ecobank must now pay at least N1.6 billion to the FIRS as company income tax for the year in dispute – 2016 The bank after reportedly admitting to only making N1.1 billion “trading profits” from other business sources, decided that it would only pay N351 million tax to the FIRS.However, FIRS “demanded the immediate payment of the outstanding excess dividend tax liability of N1,311,673,367” from the bank, which impasse led to suit before the tax tribunal.”

In its consideration of the three issues raised, the tribunal reportedly resolved them in favour of the FIRS.

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