Both parties announced the Agreement in a joint press release issued on Wednesday in Abuja.
Browsing: TAT
The company, which made its position known in a statement released on Wednesday evening, also said it would lodge an appeal against the ruling at the Federal High Court, adding that the TAT ruling was based on technicality rather than the merits of the case.
It is widely agreed by economic experts that tax revenue, not resource revenue, is the most reliable source from which the country can fund her development aspirations as happens in the world’s most progressive societies. Currently, tax compliance in Nigeria is still meagre. Speaking earlier this month at ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill,’ Mohammed Nami, Chairman of the Federal Inland Revenue Service (FIRS), disclosed that Nigeria has 41 million taxpayers among its 200 million population.
In an analysis of the ruling contained in its PwC Tax Alert posted on its website on Wednesday, the firm stated the TAT did not refer to any of the three conditions necessary for the issuance of an order to compel payment of N900bn, but focused on the order for statutory deposit.
The five-member TAT led by its chairman, Professor A. B. Ahmed, issued the order following an application to it by the counsel to FIRS.