The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank to pay at least N1.6 billion to the Federal Inland Revenue Service (FIRS) as its company income tax for 2016.
The tribunal declared as illegal, the decision of Ecobank Nigeria Limited to pay N5.5 billion as dividends to its shareholders ”in a year the bank claimed it made no taxable profit and rather declared losses from its banking operation.”
According to a release by the Director, Communications and Liaison Department, FIRS, Abdullahi Ahmad, the tribunal reached the decision in its judgment dated February 20, 2020 which it delivered in Appeal No. TAT/LZ/CIT/024/2018.
Consequentially, Ecobank must now pay at least N1.6 billion to the FIRS as company income tax for the year in dispute – 2016
“Ecobank had dragged the…