Corporate Tax Responsibility Of Directors
The world is moving from acknowledged risks to the veiled or unknown, almost unimaginable, risks. Some absolutely unforeseen and unprecedented events have recently occurred leading to totally unanticipated losses. In contrast to the well-established rule of limited liability of companies as respected by the Companies Act 1956 (“Companies Act”), where a director is not personally liable for the company’s debts and liabilities, the Income Tax Act, 1961 (“ITA”) seeks to make directors personally liable for the tax arrears of the company. This article highlights the apparently ironic concern as to how the directors of a private company can be made personally liable for the payment of taxes and some illustrations of it.
Director’s Liability: A Proportional Study Between the Companies Act and the ITA
Companies Act
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