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Access Bank Plc says it has paid N240m in tax to the Kaduna State Government in demonstration of its commitment to the amicable resolution of a tax dispute between it and the state.
A statement on Saturday by Charles Igbinidu said Access Bank had dragged Kaduna State before the Tax Appeal Tribunal to challenge the state’s demand for N618,191,008.91.
The statement, however, said the parties had commenced moves to settle the dispute amicably, hence the decision by Access Bank to pay Kaduna State N240m.
The statement was titled, ‘Tax Disputes: Access Bank Seeks Amicable Resolution, Pays N240m to Kaduna State’.
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Recent developments in Nigeria including the impact of the
global COVID-19 pandemic on the economy, the urgent need for the
Federal Government (FG) to raise more tax revenue to help fund the
significant budget deficit and developments in the tax and Transfer
Pricing (TP) space have contributed in making TP one of the
riskiest areas in taxation in Nigeria.
Specifically, the release of the maiden TP judgment in Nigeria
between Prime Plastichem Nigeria Limited (PPNL) and the Federal
Inland Revenue Service (FIRS) [which resulted in a ₦1.7
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Summary
On 31st December, 2020, President Muhammadu Buhari signed the
Finance Bill, 2020 (now Finance Act) into law. The Finance Act,
2020 (the Act), which has a commencement date of 1st January 2021,
was signed into law alongside the 2021 Appropriation Bill (now
Appropriation Act). The Act introduces significant changes to a
number of tax and regulatory laws in Nigeria including the
introduction of COVID-19 incentives alongside other changes.
Details
In December 2020, President Muhammadu Buhari transmitted the
Finance Bill, 2020 to the National Assembly for consideration and passage
into law in support of the 2021 Appropriation Bill. Subsequently,
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