27. Non-Compliance with ITF Act Briefing Note Allegation 27: that the CBN failed to comply with the ITF Act by not paying the mandatory one per centum of the amount of its annual payroll to the ITF. Response: i. The CBN, at the time, contested in court its obligation to pay one per centum of its payroll to the ITF on the ground that the CBN is not engaged in commerce or industry, which under the ITF Act is the basis for an employer to make payments under the ITF Act. ii. However, upon further considerations, the matter was amicably settled by the CBN and ITF. The CBN has duly complied with the ITF Act and has paid all levies up to the 2012 financial year. See Annexure R, which bears this out.
Posted on: Sun, 16 Mar 2014 14:02:59 +0000
Trending Topics
Recently Viewed Topics
© 2015