on Tuesday, May 28, summoned all banks operating in the country and their tax consultants to appear before it alongside its tax consultant to reconcile the Education tax computation not remitted to TETFund by the bank between 2011 and 2022.
“The bone of contention has always been that the banks seem to be relying on a purported exemption order which clearly mentioned the company income Tax exemption order of 2011. We have asked the banks to produce an EDT exemption order and they have failed to present it, we have equally presented it to them but you cannot like one exception with the other
“So, I am very sorry, I don’t have the breakdown by year, but I have the summary over the period. We had net accessible profits of N28 billion, which is the difference between the allowable and the disallowable expenses on the PBT we posted over the period. He said further that there were issues that could not be resolved at the committee hearing, adding that “what you have are items that are classified as taxable. We have some differences based on the provision of the exemption order that was issued by the President in 2011. That’s why I said some of these issues we will not be able to resolve at this sitting.“It is good we have time, and I believe this does not just apply to First Bank because it’s an issue that applies to other banks as well.