The Tax Appeal Tribunal in Nigeria has issued a decision in a case regarding a taxpayer’s underpayment of company’s income tax, and the tribunal thought that interest and penalties on the underpayment are triggered and start to run when the taxpayer does not file an appeal within a 2 month period following the tax assessment notice. In this case, Nigeria’s Federal Inland Revenue Service has issued to the taxpayer four assessment notices that contained both major income tax liabilities and associated interest and penalty charges. The decision of Tribunal gives that assessment notices are not to incorporate interest and penalty charges. Interest and penalty charges only apply to the companies’ income tax assessment if the taxpayer fails to object or appeal to the assessment within 2 months after service of the assessment notice.
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