FG Reconstitutes Tax Appeal Tribunals

tax relief
  • FG Reconstitutes Tax Appeal Tribunals

The Federal Government has reconstituted the tax appeal tribunals in the six geo-political zones as well as Lagos and Federal Capital Territory.

The reconstitution of the tribunals is in accordance with Section 2(1) of the Fifth Schedule of the Federal Inland Revenue Service Establishment Act.

The Minister of Finance, Mrs Kemi Adeosun, said this in a statement issued on Thursday by her Media Adviser, Oluyinka Akintunde.

She explained that the tribunals would adjudicate over disputes arising from the operation of federal tax laws and regulations in the country.

The minister stated, “The reconstitution of the tax appeal tribunals is an essential part of building taxpayers’ trust and confidence in the fairness of the system.

“The Federal Ministry of Finance has undertaken a rigorous process to select competent persons on the basis of merit, who will be expected to discharge their duties professionally.”

She added that the ministry sought nominations from a number of professional bodies and stakeholders, including the Institute of Chartered Accountants of Nigeria, Association of National Accountants of Nigeria, and the Chartered Institute of Taxation of Nigeria.

Others are the Nigerian Bar Association and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.

Adeosun said the tax appeal commissioners were expected to hold office for a term of three years from the date of appointment.

Each tribunal is made up of a chairman and four commissioners knowledgeable in the laws, regulations, norms and practices of taxation, management and trade.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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