$27.5m: NLNG clarifies 2016 Corporate Income Tax payment to FIRS - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The Nigeria LNG Limited (NLNG) has reacted to recent media reports on Tax Appeal Tribunal which advertently ordered the company to pay the sum of $27.5 million, about N38,665,000,000.00, reports ITREALMS.

NLNG in a press statement available to ITREALMS by the General Manager, External Relations and Sustainable Development, Mr. Andy Odeh noted the media reports which suggested that a Tax Appeal Tribunal ordered the company to pay the sum of $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.

Odeh clarified that these reports misrepresented an out-of-court settlement that was reached amicably between the parties, without prejudice to their respective legal positions.

This settlement, Odeh said was adopted by the Tribunal as Consent Judgment in the appeal.

He also said that the payment by NLNG was thus made in furtherance of a settlement agreement reached between the parties and not because of any order made by the Tribunal.

NLNG remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws and will continue to operate in line with its vision of being "a globally competitive LNG company helping to build a better Nigeria."

Chuks Dominic/Editor