">
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, February 24, 2019
News247 Nigeria
">
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports
No Result
View All Result
News247 Nigeria
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports
No Result
View All Result
News247 Nigeria
No Result
View All Result
">
Home Business

MTN sues FG for N3b over $1.3b withholding tax

Admin II by Admin II
November 8, 2018
in Business
0 0
0
Share on FacebookShare on TwitterFollow us Google Find us on LinkedInConnect with us on WhatsAppcontact@news247ngr.com

MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government.

">

It is demanding N3billion general and exemplary damages and legal costs from the defendant.

Justice Chukwujekwu Aneke on Thursday adjourned the suit until December 3 for hearing after counsel confirmed that motions have been filed and served on parties.

Read also ...Posts

No Content Available

MTN, in the suit filed on September 10, is challenging the legality of the Attorney-General of the Federation’s assessment of its import duties, withholding tax and value added tax amounting to N242 billion and $1.3 billion.

It is contending that the purported “revenue assets investigation” allegedly carried out by the Federal Government for the period of 2007 to last year, and its decision conveyed through the Office of the AGF by an August 20 letter, violates the provisions of Section 36 of the 1999 Constitution.

The plaintiff sought a declaration that the AGF acted in excess of its powers by purporting to direct through its letter of May 10 a “self-assessment exercise” which usurps the powers of the Nigerian Customs Service to demand payment of import duties on importation of physical goods.

MTN sought a declaration that the AGF acted illegally by usurping the powers of the Federal Inland Revenue Service (FIRS) to audit and demand remittance of withholding and value added taxes.

It is praying the court to hold that the purported self-assessment exercise instituted by the AGF via its May 10 letter is unknown to law, and therefore null and void and of no effect whatsoever.

It prayed for a declaration that the AGF’s demand of the sums is premised on a process that is malicious, unreasonable and made on incorrect legal basis.

MTN prayed for an order vacating the AGF’s demand letter for N242 billion and $1.3 billion, and claimed N3 billion general and exemplary damages, as well as legal costs.

But, the AGF, in his preliminary objection, argued that the plaintiff was statute-barred, having not filed the suit within three months from the date the cause of action arose.

The AGF argued that the plaintiff commenced the suit in violation of Section 2 of the Public Officers Protection Act, which provides that any action commenced against a public officer must be made within three months from commencement of cause of action.

AGF contends that the plaintiff’s failure to commence the suit within three months as stipulated by law robs the court of jurisdiction to entertain it.

MTN earlier filed a separate suit against the AGF and the Central Bank of Nigeria (CBN), which is pending before Justice Saliu Saidu of the same court and will be heard December 4.

In the suit, MTN is challenging the $8,134,312,397.63 demanded from it by the CBN over alleged forex remittance infractions.

It is praying the court to restrain the CBN and the AGF from imposing punitive sanctions against it.

The CBN accused MTN Nigeria of improper dividend repatriations and demanded that $8.1 billion be returned “to the coffers of the CBN”.

The Federal Government also accused MTN of unpaid taxes on foreign payments and imports, asking it to pay approximately $2billion in relation to the taxes.

According to the CBN, MTN and four banks – Standard Chartered Bank, Citi Bank, Stanbic IBTC Bank and Diamond Bank – deliberately flouted the “laws and regulations…including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

The banks allegedly colluded with MTN, using irregular Certificates of Capital Importation (CCI), to illegally remit foreign exchange abroad. The four banks were slammed a combined N5.87 billion fine.

MTN denied the allegations and subsequently filed the suit.

Culled from thenation

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • WhatsApp

Like this:

Like Loading...

Related

Tags: MTNsues FG
Share3TweetShareShareSendSend

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
">
Previous Post

African Player of the Month: SuperSport Picks Aubameyang

Next Post

'God dun butter my bread' - Prince Charles breaks into Pidgin during Nigeria speech

Next Post

'God dun butter my bread' - Prince Charles breaks into Pidgin during Nigeria speech

Peace Corps Boss Accused Of Receiving N18.7m 'Share' From N54m 'Job Scam'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 29.8k Fans
  • 702 Followers
  • 27 Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest

Breaking: Nigerian army locates grave where missing general was buried

October 26, 2018

Zamfara APC: Osinbajo proffers solution to crisis

February 19, 2019

BREAKING: Idris removes Imo CP, 3 deputy commissioners, 11 others

January 2, 2019

Being gay is God’s greatest gift to me – Apple CEO, Tim Cook says (video)

October 28, 2018

It feels like there’s no hope’: Nigeria’s worsening job crisis

1

Student who ‘ran mad’ after being dropped by Lexus SUV

1

Army counts gains of concluded operation Python Dance in south east

0

APC won’t buy votes to win, says Fayemi

0

APC won’t buy votes to win, says Fayemi

February 23, 2019

Thugs set ballot boxes ablaze in Lagos

February 23, 2019

20 kidnapped, APC chairman killed in Zamfara

February 23, 2019

Thugs in military and police uniform snatch ballot box in Imo

February 23, 2019
">

Follow @news247ngr on Facebook

Follow @news247ngr on Facebook

Recent News

APC won’t buy votes to win, says Fayemi

February 23, 2019

Thugs set ballot boxes ablaze in Lagos

February 23, 2019

20 kidnapped, APC chairman killed in Zamfara

February 23, 2019

Thugs in military and police uniform snatch ballot box in Imo

February 23, 2019
  •  Lagos international Airport stands still as Man flew in 2018 Lamborghini worth N500million for Christmas Who says we re poor in Nigeria
  • Women need to be protected all over the world
  • Chief Olusegun Obasanjo on Alhaji Atiku Abubakar
Facebook Twitter Google+ Youtube RSS Instagram LinkedIn
News247 Nigeria

News247 Nigeria, is an online newspaper platform with an in-dept news dissemination on National Issues, Politics, Business, Sports, Ent'ment & Lifestyles.

Follow Us

Browse by Category

  • Breaking News (56)
  • Business (106)
  • Christianity (12)
  • Crime News (143)
  • Defence News (54)
  • Education (40)
  • Entertainment (98)
  • Health News (41)
  • Healthy Living (23)
  • Interviews (5)
  • Islam (3)
  • Lifestyle (21)
  • Metro News (30)
  • National News (265)
  • News (336)
  • Opinion (11)
  • Politics (244)
  • Press Release (8)
  • Religion (10)
  • Sports (100)
  • Tech News (25)
  • Uncategorized (11)
  • video (2)
  • World News (57)

Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.

© 2018 News247ngr - Website Designed by AuspiceWeb.

No Result
View All Result
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports

© 2018 News247ngr - Website Designed by AuspiceWeb.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: