Ecobank to appeal tribunal judgment on disputed tax liability

Ecobank Nigeria has said it will appeal to the Federal High Court against the judgment of the Tax Appeal Tribunal (TAT), sitting in Lagos, in respect of a disputed tax liability between it and the FIRS for the 2015 financial year.

The bank, in a statement issued on the tax matter, indicated that the legal step was based on advice from its consultants that the dividend declared relates to income from sources which are statutorily exempt from tax by virtue of the Companies Income Tax ( Exemption of Bonds and Short Term Government Securities) Order, 2011.

The bank further noted that the decision of the TAT was for the bank to pay excess dividend tax on the dividend sum of N5,545,000,000 declared by the Bank from its 2015 financial accounts. Based on the decision of the TAT, the excess dividend tax liability is N1,311,673,367 and not N1.6 billion.

“We abide by laws and regulations and believe that this matter should be conclusively determined in line with the applicable judicial process”, the bank stated.

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