Access Bank seeks resolution on tax dispute, pays Kaduna state N240m

In furtherance of the desire to resolve its tax dispute with the Kaduna State Government amicably, Access Bank Plc has paid the sum of N240 million into the coffers of the government.

Meanwhile, the United Bank of Africa Plc and ARM Pensure Limited have opted to continue the hearing of their tax disputes with the Kaduna State Government.

These were disclosed on February 17, 2021, before the North West Zone of the Tax Appeal Tribunal, holding in Kaduna and presided over by Umar Mohammed Adamu as Chairman alongside Prof. Kabir Isa Dandago, Prof. Ahmed Bayero, Prof. Ahmed Kumshe and Hajiya Sameera Gwandu.

Access Bank, had on December 1, 2020, filed an appeal against an additional assessment raised by the Kaduna State Internal Revenue Service, in the sum of N618, 191,008.91.

The said assessment raised on August 18, 2020, formed the crux of their appeal before the Tax Appeal Tribunal. Addressing the Panel, counsel to Access Bank, M. Mustapha informed the tribunal “that despite the pendency of the matter before the tribunal, parties were also exploring how the matter could be resolved amicably and that based on that principle, they had reached out to the respondents and in furtherance of their intention to resolve all issues, paid to the respondent the sum of N240 million”.

Confirming same, Ayesha Ahmed, Counsel to the Respondent, stated that “the sum of N240 million was received from the appellants in two equal installments of N120 million”. Both parties then sought a fairly long adjournment to settle the pending issues.

Turning down the application for a long adjournment, the chairman of the tribunal informed the parties that he could not indulge them with a long adjournment.

 

“The speedy resolutions of tax disputes were the core mandate of the Tax Appeal Tribunal,” he said. He reminded the parties that no matter had remained on the list for more than 12 months, with some appeals resolved in less than 90 days. He urged parties to remain on their toes as taxes were the lifeblood of the state and the country and that slow resolution of disputes could turn the taxman into a hangman.