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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   Court asks Union Bank Plc to refund N31.8m tax arrears  to Anambra govt Anayo Okoli Wednesday, June 30, 2004 AWKA—  AN Awka High Court presided by Justice C.J. Okoli, the Anambra State Chief Judge, has ordered Union Bank Plc to pay Anambra State Government the sum of N31.8 million being arrears of various taxes evaded by the bank. The court has also ordered the former Chairman of Njikoka Local Government Area, Chief Anthony Uba Okonkwo to refund into government coffers the sum of over N11 million misappropriated by him as the Njikoka Local Government Council Chairman. Justice Okoli also awarded 5% interest on the amount to be paid by Union Bank Plc to the State Government. Delivering judgment in the suit instituted by the Anambra State Board of Internal Revenue, Justice Okoli ruled that the bank actually evaded taxes ranging from Pay As You Earn (PAYE), income tax, to business premises rent, all running into arrears. Okoli said that he was satisfied that the board carried out the tax assessment for the bank, which did not object to the assessment. He therefore ordered the bank to pay the said sum being the arrears for the various taxes and 5% interest on the amount. Dismissing the application for a stay of execution lodged by the former Njikoka Local GovernmentChairman, Chief Anthony Uba Okonkwo, on the order for him (Okonkwo) to refund the sum of over N11 millon he misappropriated, Justice Okoli said that his application did not meet the requirements for a stay of execution. "A successful litigant shall not be deprived of the fruits of his success unless there is a special circumstance”, which he said the applicant could not prove existed. The application, he said lacked merit and it was dismissed.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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