Nigeria has said it will at the Federal High Court appeal the N1.6 billion judgment against it by the Tax Appeal Tribunal.The bank disclosed this on Thursday in a statement signed by the bank’s management.
The tribunal declared as null and void, 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.” For purposes of clarity, 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.
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