Tax Appeal Tribunal Orders Cement Institute to Pay ₦2.03bn in Taxes

The Tax Appeal Tribunal in Abuja has dismissed an appeal by the Cement Technology Institute of Nigeria and upheld a revised tax liability of about ₦2.03 billion. The tribunal ruled that the institute should pay ₦1.84 billion in Companies Income Tax and ₦190.16 million in Tertiary Education Tax. The assessment arose from interest income, education tax and withholding-tax issues covering the 2018 to 2020 assessment years. The panel allowed the institute to deduct management fees paid to the Bank of Industry when calculating its taxable profit. It also directed the Nigeria Revenue Service to give effect to exemptions for interest income directly linked to Federal Government Treasury Bills and Bonds, as provided under the 2011 exemption order. The revenue service has 30 days to recompute the final assessment in line with the tribunal’s decision.

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