44 companies sue tax agency over N1.1 billion excess stamp duties

Forty four insurance companies have dragged the Federal Inland Revenue Service (FIRS) to the Tax Appeal Tribunal to seek for refund of N1.1 billion excess stamp duties.

The companies alleged that they were made to pay the excess stamp duties on their respective statements of increase in their share capitals.

The plaintiffs also urged the tribunal to order FIRS to pay compounded interest of 10 per cent from the date of judgment until all excess were refunded.

Meanwhile, the FIRS has said that its action is lawful and in accordance with Section 21, CAP 8 of the Stamp Duties Act.

The FIRS said that the allegations by the companies were incorrect, adding that the plaintiffs suit was time barred because it had exceeded the 21 days prescribed by law for them to appeal.

It, therefore, urged the tribunal to strike out the appeal for lack of merit.

The News Agency of Nigeria (NAN) reports that when the matter came up for hearing, Counsel to the insurance companies, Prof. Taiwo Osipitan (SAN), closed his case.

Also, Counsel to FIRS, Bolanle Oniyangi, applied for a date to enable her field the defence witnesses.

The Acting Chairman of the tribunal, Nnamdi Ibegbu (SAN), adjourned the appeal till Nov. 30, for further hearing.