Skip to content

Calitown

News, Here, Everytime!

  • Home
  • News
    • Cross River News
  • Features
  • Community
  • Inspirational
  • Toggle search form
  • First Ugep Open Table Tennis Tournament Ends, Winners Carts Away Cash Prizes Community
  • UPCA Express Commitment To Communal Development Of Ugep Cross River News
  • First Ever Ugep Open Table Tennis Tournament Reaches Quarter Finals Cross River News
  • Casual Staff In The CRS Civil Service To Be Fully Engaged Cross River News
  • MY ROAD TO UGEP: A Pilgrimage Of Laughter & Lament Community
  • Akamkpa Community Youths Burn Down Residence Of Village Head, Two Suspected Dead Cross River News
  • See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre Cross River News
  • Yakurr Community Agog As Council Chairman Takes Traditional Title Cross River News

Tax: Union Bank To Pay CR-IRS N56.6m

Posted on November 25, 2020 By Admin No Comments on Tax: Union Bank To Pay CR-IRS N56.6m

The Cross River Internal Revenue Service (CRIRS) has won a landmark case instituted against it by Union Bank Plc before the Tax Appeal Tribunal (South South zone) sitting in Benin.

The Tribunal had ruled on November 11th 2020, that the relevant tax authority can request any information it deems fit from a tax payer, and it is not tax player’s place to determine which information is relevant or not.

The Tribunal therefore ruled that the appellant (Union Bank Plc) should pay CRIRS the total sum of N56.672,908.72 (fifty six million, six hundred and seventy two thousand, nine hundred and eighty naira, twenty seven kobo only) as outstanding withholding tax on interest expenses, penalty and interest thereon.

By virtue of relevant provisions of PITA, 2011 (as amended) a tax payer cannot withhold any requested information from the tax authority on the grounds of confidentiality.

The Appeal Tribunal therefore upheld the additional assessment Notice of Witholding Tax on interest payment served by the Cross River Internal Revenue Service on Union Bank Plc.

Union Bank PLC had on November 4th 2019, filed an appeal before the tribunal, contending among other things, that the assessment is excessive and arbitrary, and that it is ultra vires the powers of the tax authority to demand records and documents, including the nationwide data of the appellants’ customers not within the tax jurisdiction.

In upholding the respondent’s assessment notice, the tribunal held that the law in section 46, 47, 49, 55, and 58 of the Personal Income Tax Act (PITA) (as amended) does not limit the tax authority to call for any particular kind of information, but such documents and information as the relevant tax authority may seem necessary.

The tribunal further held that it is not in the place of the appellant to determine for the tax authority which information is relevant or not unless such demands conflict with statutory rights of the tax payer of the extant provision of the law.

The tribunal also held that the law has mandated tax payers to release information on request by the tax authority and that the tax authority is empowered to call for information as often as possible.

Share this post:

Share on X (Twitter) Share on Facebook Share on LinkedIn Share on Email Share on WhatsApp Share on Telegram
Cross River News, News Tags:Cross River Internal Revenue Service, Union Bank Plc

Post navigation

Previous Post: Shock As Ndoma-Egba Loses Wife
Next Post: Edidem Bassey Ekpo Bassey II: A Decade In The Wings, I Remember …

Related Posts

  • Supreme Court Affirms Ayade As CR Governor, Turns Back On Agi Breaking News
  • UNICROSS VC Justifies Mop – Up Examinations for Students News
  • BREAKING: Police In CRS Intensify Search For Missing Rifle In Itigidi Breaking News
  • Organised Private Sector In CRS Wants Ayade’s Blueprint Made Public Cross River News
  • The Alex Egbona That People Do Not Know News
  • NMA Alarmed By CRSG Decision To Re-open Schools Cross River News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Comments

  • Michael on See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre
  • Charity Obia on See Full List Of 24 Academic Staff In Unical Promoted To Professorial Cadre
  • Elder Emmanuel Imom on Obono-Obla: “No, I Didn’t Take Any Federal Polytechnic Away From Ikom To Ugep”
  • Michael Eyong on C’River: Tension Rises In Ugep, One Killed In Cult Clash

ADVERT: Click to Watch!

https://calitown.com/wp-content/uploads/2017/10/VID-20170928-WA0003.mp4
  • Unical, HIT FM, To Collaborate On Students Training Cross River News
  • CR Election Petition Tribunal Unseats House Of Reps Member Breaking News
  • Court Reaffirms Ifeanyi Ubah’s Sacking From Nigeria’s Senate Breaking News
  • Fidelis Ugbo Makes Case With Billboard News
  • Primary Schools Teachers In CR Embark On Strike Action Cross River News
  • This Is Who We Are! News
  • The Marginalizatio Of Cross River State In Federal Appointments: A Case For Justice & Equity Features
  • CR House Of Assembly Member Loses Re-election Bid Cross River News

CALITOWN
...News, Here, Everytime

Quick Menu

  • Home
  • News
    • Cross River News
  • Features
  • Community
  • Inspirational

Copyright © 2021 calitown
172 Greenwood Avenue , Hull. East Yorkshire. HU6 9NY

Powered by PressBook News WordPress theme