- 1 Marks
Question
The tax payable as determined by the Tax Appeal Tribunal is payable within…………….of the date of notice of assessment, notwithstanding that an appeal may be pending on same, before the Federal High Court.
A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month
Answer
Answer: E 1 month
Explanation: The correct answer is E. According to the legal framework governing tax appeals, the tax payable as determined by the Tax Appeal Tribunal must be paid within one month of the date of the notice of assessment. This is irrespective of any ongoing appeal to the Federal High Court, ensuring that the tax liability is settled within a defined period.
- Reasoning: This rule helps maintain the integrity of tax collections and prevents delays caused by prolonged legal processes. The one-month timeframe ensures prompt settlement of tax liabilities even if the taxpayer disputes the assessment in court.
- Tags: Assessment, Legal Process, Tax Appeal Tribunal, Tax Dispute, Tax payable
- Level: Level 1
- Topic: Tax Dispute Resolution
- Series: MAY 2021
- Uploader: Kwame Aikins