13 February 2013

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.

Copyright © 2013 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.