This Day (Lagos)

Nigeria: Tax Evasion - Tribunal Indicts Amba MFB

The North Central zone of the Tax Appeal Tribunal has found AMBA Microfinance Bank Nigeria Limited guilty of tax evasion.

The company was found guilty by the court after about one year of legal battle at the tribunal sitting in Jos, the Plateau State capital.

The Federal Inland Revenue Services (FIRS) had dragged the bank before the tribunal in March last year with allegation of failure to remit tax to the agency over the years as well as the firm's failure to pay withholding tax for a period of time.

While delivering judgment on the case during the sitting of the tribunal yesterday, Chairman of the tribunal, Abraham Ndana Yisa, after listening to argument by counsels to the accused, Yusuf Yakubu and that of the plaintiff, Nasiru Ahmed, declared that Amba Micro Bank was guilty of the tax offence and must pay the penalty according to tax laws.

Counsel to the defendant, however, pleaded for the reduction of the liabilities and penalties by 50 per cent quoting relevant sections of the tax law.

Yisa, using his discretion accepted the plea of the accused by reducing the tax penalties and liabilities by 50 per cent. The North central zone of the tax appeal tribunal is currently handling eight cases brought before it by the FIRS.

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